Type:
Bullish Bounce
Key Levels:
Resistance: 0.72462
Pivot: 0.71182
Support: 0.65361
Preferred Case:
We see the potential of a bullish continuation from pivot level of 0.71190 in line with 78.6% fibonacci retracement and 100% fibonacci projection towards the 1st resistance level of 0.72476 in line with 38.2% fibonacci retracement and 100% fibonacci projection.
Alternative Scenario:
Otherwise, price might break the key support level to trigger a dip towards the 1st support of 0.70553 which is in line a previous horizontal swing low support.
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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.