Type:
Bullish Bounce
Key Levels:
Resistance: 0.70495
Pivot: 0.69586
Support: 0.68841
Preferred Case:
With price expected to bounce off the Ichimoku support, we have a bullish bias that price will rise from our pivot of 0.69586 in line with the pullback support and 38.2% Fibonacci retracement to our 1st resistance at 0.70495 in line with the horizontal swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.68841 in line with the 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.