Type:
Bullish Bounce
Key Levels:
Resistance: 0.72768
Pivot: 0.71841
Support: 0.70908
Preferred Case:
With price approaching the support of the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 0.72768 which is in line with horizontal swing high resistance, 50% Fibonacci retracement from pivot at 0.71841, which is in line with horizontal overlap support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.70908, which coincides with horizontal overlap support and 61.8%
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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.