Type:
Bullish Bounce
Key Levels:
Resistance: 1.26644
Pivot: 1.5541
Support: 1.24303
Preferred Case:
With price moving above the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.26644 in line with the 50% Fibonacci retracement and the swing high resistance from our pivot at 1.5541 in line with the 50% Fibonacci retracement and horizontal pullback support.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st support at 1.24303 in line with the swing low 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.