Type:
Bullish Breakout
Key Levels:
Resistance: 0.69618
Pivot: 0.68302
Support: 0.6729
Preferred Case:
On the H4, with price recently breaking out of the descending trendline and RSI moving in an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 0.68302 in line with the pullback support and 61.8% fibonacci projection to the 1st resistance at 0.69618 at the swing high in line with the 100% fibonacci projection and 78.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 0.6729 at the swing low in line with the 61.8% fibonacci projection
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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.