Type:
Bullish Rise
Key Levels:
Resistance: 1.87588
Pivot: 1.87013
Support: 1.86572
Preferred Case:
Price is abiding to the ascending trendline support, signifying an overall bullish momentum. We can expect price to push up from pivot level in line with 61.8% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci projection.
Alternative Scenario:
Alternatively, price could push down 1st Support in line with 38.2% Fibonacci retracement and ascending trendline support.
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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.