Type:
Bullish Bounce
Key Levels:
Resistance: 1.28382
Pivot: 1.27319
Support: 1.26796
Preferred Case:
With price approaching the graphical horizontal support which aligns with the support of the ichimoku cloud and 61.8% Fibonacci retracement level at our pivot of 1.27319, we are bias for a bounce up from there to 1st resistance at 1.28382 in line with the horizontal overlap resistance.
Alternative Scenario:
Alternatively, we may see price break pivot and ichimoku structure and drop to 1st support at 1.26796 in line with the 78.6% Fibonacci retracement.
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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.