Type:
Bullish Breakout
Key Levels:
Resistance: 1.1273
Pivot: 1.12471
Support: 1.1187
Preferred Case:
Prices are on bearish momentum and abiding to our descending trendline. We see the potential for further bearish momentum from our Pivot at 1.12471 in line with 78.6% Fibonacci retracement towards our Take Profit at 1.1187 in line with 100% Fibonacci retracement, 161.8% FIbonacci Projection and 61.8% Fibonacci extension. Prices are trading below our Ichimoku clouds, further supporting our bearish bias.
Alternative Scenario:
Alternatively, prices may climb towards our 1st resistance at 1.1273 in line with our descending trendline resistance.
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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.