Type:
Bullish Bounce
Key Levels:
Resistance: 0.6997
Pivot: 0.693
Support: 0.6878
Preferred Case:
Price is near to the pivot level of 0.693 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection. It can potentially rise towards the 1st resistance level of 0.6997 in line with 100% Fibonacci projection and -27.2% Fibonacci expansion. Our bullish bias is supported by price trading above the ichimoku cloud indicator.
Alternative Scenario:
Alternatively, price might drop to the 1st support level of 0.6878 in line with 100% Fibonacci projection, along 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.