Type:
Bullish Bounce
Key Levels:
Resistance: 0.72608
Pivot: 0.7051
Support: 0.69483
Preferred Case:
On the H4, with price moving above the Ichimoku cloud and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 0.72608 where the 50% Fibonacci retracement is from our pivot at 0.7051 in line with the horizontal overlap support and 23.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.69483 where the horizontal swing low support and 61.8% Fibonacci retracement.
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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.