Type:
Bullish Bounce
Key Levels:
Resistance: 1.14799
Pivot: 1.13866
Support: 1.13185
Preferred Case:
Price is approaching our pivot level at 1.13866 which is in line with horizontal overlap support, 50% Fibonacci retracement level . We could potentially see a further rise from here towards 1st resistance at 1.14799, which coincides with 161.8% Fibonacci extension level and horizontal swing high resistance. This is further supported by how price is now holding above the Ichimoku cloud support.
Alternative Scenario:
Alternatively, we may see price drop to 1st support at 1.13185, which coincides with horizontal swing low support
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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.