Type:
Bullish Bounce
Key Levels:
Resistance: 105.624
Pivot: 103.429
Support: 102.732
Preferred Case:
On the H4, with prices moving above the ichimoku indicator and along the ascending trendline, we have a bullish bias that price will rise to our 1st resistance at 105.624 where the 61.8% fibonacci projection and swing high resistance are from our pivot at 103.429 in line with the horizontal swing low support and 50% fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 102.732 where the horizontal overlap support, 61.8% fibonacci retracement and 78.6% fibonacci projection 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.