Type:
Bullish Momentum
Key Levels:
Resistance: 1.07570
Pivot: 1.06715
Support: 1.06155
Preferred Case:
With the MACD having a bullish momentum and prices breaking the ichimoku cloud , which supports our bullish bias that price will rise from our pivot at 1.06715 in line with overlap support to our 1st resistance at 1.07570 where the 61.8% fibonacci projection and swing high resistance are.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 1.06155 in line with the overlap support, -27.2% fibonacci expansion and 38.2% fibonacci retracement .
Fundamentals:
The most recent ECB announcement points to a rate rise in July. The pace is projected to be moderate, given the dangers of a recession based on the situation of the long-running conflict in Eastern Europe. As a result, we have a weak bullish bias.
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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.