Type:
Bullish Bounce
Key Levels:
Resistance: 1.27905
Pivot: 1.27067
Support: 1.26655
Preferred Case:
With price moving within the ascending channel, we have a bullish bias that price will rise to our 1st resistance at 1.27905 which is in line with horizontal swing high resistance and 78.6% Fibonacci retracement from pivot at 1.27067, which is in line with horizontal swing low support and 78.6% Fibonacci retracement level.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.26655, which coincides with horizontal swing low support and the 78.6% Fibonacci retracement level..
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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.