Type:
Bullish Breakout
Key Levels:
Resistance: 0.68097
Pivot: 0.67463
Support: 0.66841
Preferred Case:
Price is abiding by the ascending trendline. Price is near pivot level of 0.67463 in line with 100% Fibonacci projection, 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Price can potentially bounce to the 1st resistance level at 0.68097 in line with 50% Fibonacci retracement. Our bullish bias is further supported by the stochastic indicator as it is at support level.
Alternative Scenario:
Alternatively, price might dip to 1st support level of 0.66841 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.