Type:
Bullish Bounce
Key Levels:
Resistance: 0.75383
Pivot: 0.74413
Support: 0.73682
Preferred Case:
Price is abiding by the ascending trendline. We see the potential for a bullish continuation from our pivot level at 0.74413 in line with 50% Fibonacci retracement towards our 1st resistance level at 0.75383 in line with 50% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator where price is trading at support level.
Alternative Scenario:
Alternatively, price might continue to drop towards 1st support level at 0.73682 in line with 61.8% 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.