Type:
Bullish Bounce
Key Levels:
Resistance: 1.24307
Pivot: 1.21635
Support: 1.19356
Preferred Case:
On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will drop and rise from our pivot at 1.21635 where the horizontal overlap support and 50% fibonacci retracement are to our 1st resistance at 1.24307 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.19356 where the horizontal swing low support is.
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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.