Type:
Bullish Bounce
Key Levels:
Resistance:
Pivot:
Support:
Preferred Case:
With prices approaching the support of the ichimoku cloud, we see the potential for a bounce from our pivot at 1.26619 in line with horizontal swing low support and 100% Fibonacci projection towards our 1st resistance at 1.27934 in line with horizontal swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.25662, in line with the horizontal overlap support and 161.8% 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.