Type:
Bullish Bounce
Key Levels:
Resistance: 1.3634
Pivot: 1.35222
Support: 1.34537
Preferred Case:
With price moving above the Ichimoku cloud, we have a bias that price will continue with its bullish momentum up from our pivot at 1.35222 in line with the 23.6% Fibonacci retracement and horizontal overlap support to 1st resistance at 1.3634 where the horizontal swing high resistance is.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.34537 in line with the 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.