Title
Approaching 38.2% Pullback Support
Type
Bullish Bounce
Preference:
Price is falling towards the pivot point of 85.435 which is a pullback support that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 86.813 which is an overlap resistance that aligns with the 61.8% Fibonacci retracement level.
Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 84.548 which is a pullback support that aligns close to the 50.0% Fibonacci retracement level.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.