Type:
Bullish Bounce
Key Levels:
Resistance: 1.04951
Pivot: 1.03379
Support: 1.02459
Preferred Case:
On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 1.03379 where the horizontal overlap support, 61.8% fibonacci retracement and 61.8% fibonacci projection are to our 1st resistance at 1.04951 in line with the swing high
Alternative Scenario:
Alternatively, price may break pivot structure and we can expect the bearish momentum to carry price to 1st support at 1.02459 in line with swing low support and 100% 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.