Type:
Bullish Bounce
Key Levels:
Resistance: 1.11291
Pivot: 1.09867
Support: 1.09506
Preferred Case:
Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 1.09867 in line with 61.8% Fibonacci retracement towards our 1st resistance at 1.11291 in line with 61.8% Fibonacci Projection. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.09506 in line with 78.6% Fibonacci retracement.
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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.