Type:
Bullish Rise
Key Levels:
Resistance: 1.0790
Pivot: 1.0790
Support: 1.0428
Preferred Case:
On the H4, price is moving above the ichimoku cloud and in an ascending trendline which supports our bullish bias that price will continue to rise from the pivot at 1.0545 at the pullback support to 1st overlap resistance at 1.0790 in line with 78.6% fibonacci projection and 50% fibonacci retracement.
Alternative Scenario:
Alternatively, price could drop to 1st support at 1.0428 where the 61.8% fibonacci projection and swing low support are.
Fundamentals:
No major news
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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.