Type:
Bullish Bounce
Key Levels:
Resistance: 1.15831
Pivot: 1.14248
Support: 1.13111
Preferred Case:
With price moving above the ichimoku cloud, we have a bullish bias that price will rise up to our 1st resistance at 1.15831 in line with the 127.2% Fibonacci extension from our pivot at 1.14248 in line with the horizontal overlap support.
Alternative Scenario:
Alternatively, price may break our pivot structure and head for 1st support at 1.13111 in line with the horizontal overlap support.
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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.