Type:
Bullish Bounce
Key Levels:
Resistance: 1.15132
Pivot: 1.1439
Support: 1.14116
Preferred Case:
With crossing above the moving average and price bouncing off our pivot at 1.1439 which is in line with the 161.8%Fibonacci projection and horizontal swing low, we are expecting price to rise to 1st resistance at 1.15132 in line with the 50% Fibonacci retracement and horizontal overlap resistance.
Alternative Scenario:
Alternatively, we may see price break pivot structure and dip to 1st support at 1.14116 in line with the 100% Fibonacci projection level.
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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.