Type:
Bullish Continuation
Key Levels:
Resistance: 4.7640
Pivot: 4.6660
Support: 4.6235
Preferred Case:
We are seeing the price is on a bullish continuation. Therefore, we are expecting the price to potentially rise from our pivot level of 4.6660 in line with 78.6% Fibonacci retracement towards our 1st resistance level of 4.7640 which is in line with 61.8% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative Scenario:
Otherwise, the price might break our pivot structure and head for 1st support of 4.6235 in line with the 100% Fibonacci projection.
Fundamentals:
No major news
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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.