Type:
Bullish Bounce
Key Levels:
Resistance: 1.28479
Pivot: 1.27396
Support: 1.26503
Preferred Case:
With prices moving above the Ichimoku cloud, we see the potential for a bounce from our pivot at 1.27396 in line with Horizontal overlap support and 23.6% Fibonacci retracement towards our 1st resistance at 1.28479 in line with horizontal swing high resistance and 127.2% Fibonacci extension .
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.26503, in line with 61.8% Fibonacci retracement and horizontal overlap 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.