Type:
Bullish Bounce
Key Levels:
Resistance: 0.681
Pivot: 0.6742
Support: 0.67261
Preferred Case:
With price moving in an uptrend and above the Ichimoku cloud, we are bias that price will rise from our pivot of 0.6742 in line with the 38.2% Fibonacci retracement to 1st resistance at 0.681 in line with the swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.67261 in line with the 50% Fibonacci retracement level.
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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.