Type:
Bullish Bounce
Key Levels:
Resistance: 0.73087
Pivot: 0.72555
Support: 0.72235
Preferred Case:
We can see that price abiding to the ascending channel on the daily and descending trendline on the H4. We can expect price to make a bounce from pivot level in line with 78.6% Fibonacci projection, 78.6% Fibonacci retracement and ascending channel support towards the 1st Resistance in line with 61.8% Fibonacci projection and 50% FIbonacci retracement.
Alternative Scenario:
Alternatively, price could push further down to 1st Support in line with 100% Fibonacci projection.
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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.