Type:
Bullish Bounce
Key Levels:
Resistance: 1.13874
Pivot: 1.13023
Support: 1.12692
Preferred Case:
Prices are on bullish momentum. We see the potential for a bounce from our Pivot at 1.13023 in line with 50% Fibonacci retracement towards our 1st resistance at 1.13874 in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement and also weekly descending trendline. Prices have broken through our Ichimoku Clouds resistance, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.12692 in line with 127.2% Fibonacci extension.
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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.