Type:
Bullish Bounce
Support: 110.459
Resistance: 112.183
Pivot: 110.997
Preference:
Price had been consolidating in a upward channel. We expect price to retest our pivot at 110.997 in line with 78.6% Fibonacci retracement and climb higher to our 1st resistance at 112.183 in line with 127.2% Fibonacci retracement, graphical swing higher and parallel channel.
Alternative Scenario:
Price might swing towards our 1st Support at 110.459 which is a graphical swing high.
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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.