Type:
Bullish Bounce
Key Levels:
Resistance: 1.77358
Pivot: 1.7173
Support: 1.70163
Preferred Case:
Prices are at a pivot. We see the potential for bounce from our Pivot at 1.7173 which is an area of Fibonacci confluences towards our 1st resistance at 1.77358 in line with 61.8% Fibonacci retracement. RSI is on bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.70163.
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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.