Type:
Bullish Bounce
Key Levels:
Resistance: 0.65503
Pivot: 0.64134
Support: 0.63681
Preferred Case:
Price has recently broken out from descending trend channel and is expected to move up to first resistance level at 0.65503, in line with 38.2% Fibonacci retracement. pivot is in line with 23.6% Fibonacci retracement, and overlap support level at 0.63681. price is also above Ichimoku cloud which supports our bullish bias.
Alternative Scenario:
Alternatively, price may break pivot and head for first support in line with the horizontal overlap 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.