Type:
Bullish Bounce
Key Levels:
Resistance: 1.31925
Pivot: 1.31244
Support: 1.30930
Preferred Case:
Prices are abiding to our ascending trendline support. We see the potential for a bounce from our pivot at 1.31244 in line with 61.8% Fibonacci Projection, 78.6% Fibonacci retracement and our ascending trendline support towards our 1st resistance at 1.31925 in line with 78.6% Fibonacci retracement. Ichimoku is forecasting the bullish momentum.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.30930 in line with 78.6% 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.