Type:
Bullish Bounce
Key Levels:
Resistance: 1.35334
Pivot: 1.34576
Support: 1.33963
Preferred Case:
Price have recently broken out of our descending trendline. We see potential for a bounce from their Pivot at 1.34576 which is an area of Fibonacci confluences towards our 1st resistance at 1.35334 in line with 38.2% Fibonacci retracement, 100% and 78.6% Fibonacci Extension.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.33963 in line with 78.6% Fibonacci retracement.
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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.