Type:
Bullish Bounce
Key Levels:
Resistance: 0.68793
Pivot: 0.6532
Support: 0.62221
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise to our 1st resistance at 0.68793 where the swing high resistance is in line with the 78.6% fibonacci retracement from our pivot at 0.6532 in line with the overlap support and 38.2% Fibonacci retracement.
Alternative Scenario:
Price may reverse from the pivot and head for 1st support at 0.62221 in line with the swing low.
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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.