Type: Bullish Bounce
Pivot: 1.16634
Support: 1.15974
Resistance: 1.17368
Preference: Price is approaching the pivot where we may potentially see a bounce towards 1st resistance, in-line with 23.6% Fibonacci retracement and 100% Fibonacci extension
Alternative Scenario: If price drops from the pivot, we may see it swing towards 1st support, in-line with 127.2% Fibonacci retracement and 200% Fibonacci extension
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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.