Type:
Bullish Bounce
Key Levels:
Resistance: 1.46455
Pivot:1.45501
Support: 1.44819
Preferred Case:
Price is reacting in a descending channel, signifying an overall bearish trend. We can expect price to drop from the pivot level in line with 61.8% Fibonacci projection towards 1st Support in line with 61.8% Fibonacci projection.Our bearish bias is further supported by stochastic indicator where the %K line is abiding to the descending trendline resistance.
Alternative Scenario:
Alternatively, price could push higher up to 1st Resistance in line with previous swing high and 127.2% 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.