Type:
Bullish Bounce
Key Levels:
Resistance: 0.74593
Pivot: 0.716
Support: 0.70099
Preferred Case:
On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 0.716 at the overlap support to the 1st resistance at 0.74593 at the overlap swing high. and in line with the 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may break the support structure at pivot and drop to the 1st support at 0.70099 in line with the 61.8% fibonacci retracement and 61.8% fibonacci projection and swing low.
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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.