Type:
Bullish breakout
Key Levels:
Resistance: 1.36895
Pivot: 1.35032
Support:1.34088
Preferred Case:
Price has recently broken out of the descending channel and near pivot level of 1.35083 which is 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially go to the 1st resistance level of 1.3689 which is 127.2% Fibonacci projection and 78.6% Fibonacci retracement .
Alternative Scenario:
Price can potentially dip to the 1st support level of 1.34092 which is 23.6% 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.