Type:
Bullish Rise
Key Levels:
Resistance: 1.13883
Pivot: 1.1321
Support: 1.12935
Preferred Case:
With price bouncing off the stochastics support, from our pivot at 1.1321 in line with the horizontal swing low support and 161.8% Fibonacci projection, we are expecting to see price do a short retracement and bounce up to 1st resistance at 1.13883 in line with the 50%Fibonacci retracement before continuing its overall downwards trend. Price may even react sooner at our intermediary resistance at 1.13573 in line with the 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, we may see price break structure at pivot and head for 1st support at 1.12935 in line with the 78.6% 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.