Type:
Bullish Bounce
Key Levels:
Resistance: 0.6506
Pivot: 0.64282
Support: 0.63897
Preferred Case:
With price expected to bonce off the Ichimoku cloud support and the ascending trend line support, we have a bullish bias that price will rise to our 1st resistance at 0.6506 in line with the 61.8% Fibonacci projection from our pivot of 0.64282 in line with the pullback support and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.63897 in line with the 78.6% Fibonacci projection.
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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.