Type:
Bullish Bounce
Key Levels:
Resistance: 0.92
Pivot: 0.85
Support: 0.83
Preferred Case:
Prices are abiding by an ascending trendline and on bullish momentum. We see the potential for a bounce from our Pivot at 0.85 which is in line with 127.2% Fibonacci Projection towards our 1st resistance at 0.92 which is an area of Fibonacci confluences.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 0.83 in line with 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.