Type:
Bullish Bounce
Key Levels:
Resistance: 0.68736
Pivot: 0.68085
Support: 0.67299
Preferred Case:
We expect bullish bounce from our pivot level of 0.68085 in line with the 78.6% fibonacci retracement and 161.8% Fibonacci extension towards our 1st resistance level at 0.68736 in line with the 23.6% Fibonacci retracement. Our bullish bias is supported by the stochastic indicator where price is at support level.
Alternative Scenario:
Alternatively, price might continue to drop 1st support level of 0.67299 with a graphical support 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.