Type:
Bullish Bounce
Key Levels:
Resistance: : 1.24704
Pivot: 1.23906
Support: 1.23552
Preferred Case:
Prices are currently at our pivot at 1.23906 in line with daily ascending trendline, 100% Fibonacci extension and 61.8% Fibonacci retracement. We see the potential for a bounce from our Pivot towards our 1st resistance at 1.24704 in line with 38.2% Fibonacci Retracement. Our bullish bias is further supported by RSI being at levels where bounces previously occurred.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.23552 in line with 127.2% Fibonacci extension and 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.