Type:
Bullish Bounce
Key Levels:
Resistance: 106.092
Pivot: 105.006
Support: 103.912
Preferred Case:
On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 106.092 where the 127.2% fibonacci extension and 61.8% fibonacci projection are from our pivot at 105.006 in line with the horizontal pullback support.
Alternative Scenario:
Alternatively, price may break strong pivot structure and we would expect bearish momentum to carry prices to 1st support at 103.912 where the horizontal pullback support and 38.2% fibonacci retracement are.
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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.