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Type:
Bullish Bounce
Key Levels:
Resistance: 0.72603
Pivot: 0.71277
Support: 0.70485
Preferred Case:
On the H4, with price moving above the ichimoku cloud and price moving within the ascending trend channel, we have a bullish bias that price will rise to our 1st resistance at 0.72603 in line with the swing high resistance and the 50% Fibonacci retracement from our pivot at 0.71277 where the overlap support is.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.70485 where the horizontal overlap support is.
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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.