Type:
Bullish Bounce
Key Levels:
Resistance: 1.02015
Pivot: 1.01277
Support: 1.01092
Preferred Case:
Prices are at a pivot. We see the potential for a bounce from our Pivot at 1.01277 which is an area of Fibonacci confluences towards our 1st resistance at 1.02015 in line with 23.6% Fibonacci retracement. RSI is close to levels where bounces previously occurred.
Alternative Scenario:
Alternatively, prices may dip towards our 1st support at 1.01092 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.