Type:
Bullish Bounce
Key Levels:
Resistance: 1.11886
Pivot: 1.10567
Support: 1.09501
Preferred Case:
We see the potential for a bullish bounce from our pivot level at 1.10567 in line with 78.6% Fibonacci projection and 50% Fibonacci retracement towards our 1st resistance at 1.11886 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is supported by price trading below the Ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price might continue to drop to the 1st support level at 1.09501 in line with a graphical 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.