Type:
Bullish Bounce
Key Levels:
Resistance: 0.68969
Pivot: 0.68085
Support: 0.67297
Preferred Case:
Price is near pivot level of 0.68085 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension. It can potentially bounce up to 1st resistance level of 0.68969 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection. Our bullish bias is supported by the stochastic indicator where price is near support level.
Alternative Scenario:
Alternatively, price might continue to dip towards the 1st support level of 0.67297 in line with a graphical 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.