Type:
Bullish Bounce
Key Levels:
Resistance: 1.29386
Pivot: 1.28377
Support: 1.27664
Preferred Case:
With price bouncing off the support of the ichimoku cloud, we have a bullish bias that price will rise from pivot at 1.28377 in line with the graphical overlap resistance and 78.6% Fibonacci projection to 1st resistance at 1.29386 in line with the 78.6% Fibonacci projection and graphical swing high resistance.
Alternative Scenario:
Alternatively, we may see price break pivot structure and head for 1st support at 1.27664 in line with the horizontal swing low support and 127.2% Fibonacci projection.
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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.