Type:
Bullish Bounce
Key Levels:
Resistance: 0.63885
Pivot: 0.63414
Support: 0.63232
Preferred Case:
Prices are at a Pivot. We see the potential for a bounce from our Pivot at 0.63414 in line with 127.2% Fibonacci Extension towards our 1st resistance at 0.63885 in line with 23.6% Fibonacci retracement. RSI is at levels where bounces previously occurred.
Alternative Scenario:
Alternatively, prices may dip further towards our 1st support at 0.63232 in line with 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.