Type:
Bullish Bounce
Key Levels:
Resistance: 0.72839
Pivot: 0.71795
Support: 0.70942
Preferred Case:
Price is abiding by the ascending trendline and near pivot level of 0.71795 in line with 78.6% Fibonacci retracement, 100% projection and 161.8% Fibonacci extension. Price can potentially bounce to the 1st resistance level of 0.72839 in line with 61.8% Fibonacci retracement and 100% Fibonacci projection. Our bullish bias is further supported by the stochastic indicator as it is at support level.
Alternative Scenario:
Alternatively, price can potentially slump to the 1st support level of 0.70942 in line with 100% Fibonacci projection.
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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.