Type:
Bullish Bounce
Key Levels:
Resistance: 1.08758
Pivot: 1.07881
Support: 1.07195
Preferred Case:
On the H4, with price moving above the Ichimoku cloud, we have a bias that price will rise to our 1st resistance at 1.08758 in line with the swing high resistance from our pivot of 1.07881 in line with the horizontal overlap support and 38.2% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.07195 in line with the horizontal overlap support and 61.8% Fibonacci retracement.
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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.