Type:
Bullish Bounce
Key Levels:
Resistance: 1.0947
Pivot: 1.08102
Support: 1.06461
Preferred Case:
Price is near a key pivot. We see the potential for a bullish bounce from our pivot level of 1.08102 in line with 161.8% Fibonacci extension towards our 1st resistance level of 1.09381 in line with a 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator whereby price is trading at support level.
Alternative Scenario:
Alternatively, price might continue to drop towards the 1st support level of 1.06461 which is a key graphical 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.