Type:
Bullish Bounce
Key Levels:
Resistance: 1.26296
Pivot: 1.24979
Support: 1.23988
Preferred Case:
On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise from our pivot at 1.24979 where the horizontal overlap support is to our 1st resistance at 1.26296 in line with the 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.23988 where the horizontal overlap support and 61.8% 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.