Type:
Bullish Bounce
Key Levels:
Resistance: 0.7284
Pivot: 0.71638
Support: 0.70946
Preferred Case:
Price is near the key pivot level. We see the potential of a bullish bounce from pivot level of 0.71638 in line with 100% fibonacci projection towards the 1st resistance level of 0.7284 in line with 38.2% fibonacci retracement and 100% fibonacci projection.
Alternative Scenario:
Otherwise, price might break the key pivot level to trigger a dip towards the 2nd support of 0.70946 which is 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.