DAX is testing Pivot, potential for bearish breakout. Price is testing Pivot, in line with 127% fibonacci retracement, 200% fibonacci extension and horizontal graphical overlap. Where we may see a bearish breakout from here towards our 1st support, in line with 61.8% and 161.8% fibonacci retracement. If price fails to break under the pivot, we may see a bounce from here towards the 1st resistance, in line with 88.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap.
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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.