Type:
Bullish Bounce
Key Levels:
Resistance: 1.29235
Pivot:1.28296
Support: 1.27613
Preferred Case:
With price moving above the ichimoku cloud indicator, we have a bullish bias that price will rise from pivot at 1.28296 in line with the graphical overlap support to 1st resistance at 1.29235 in line with the graphical swing high resistance and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, we may see price break pivot structure and drop to 1st support at 1.27613 in line with the horizontal overlap support and 61.8% Fibonacci retracement level.
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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.