Type:
Bullish Rise
Key Levels:
Resistance: 1.01055
Pivot: 1.00515
Support: 0.99910
Preferred Case:
With the price moving above the ascending trendline and crossing the ichimoku cloud, combined with the fundamental news, we have a short term bullish bias that the price may rise from the pivot at 1.00515, where the prices tested many times before to the 1st resistance at 1.01055, where the swing high and 38.2% fibonacci retracement are.
Alternative Scenario:
Alternatively, the price may drop to the 1st support at 0.99910, where the 61.8% fibonacci retracement is.
Fundamentals:
German, French, Italian, Swiss, Spain Manufacturing PMI are out today, most of them are better than previous and expectation.
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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.