Type:
Bullish Bounce
Key Levels:
Resistance: 0.94236
Pivot: 0.92955
Support: 0.92258
Preferred Case:
On the H4, with price moving above the Ichimoku cloud, we have a bias that price will rise to our 1st resistance at 0.94236 in line with the swing high resistance from our pivot at 0.92955 in line with the horizontal overlap support and 61.8% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.92258 in line with the 78.6% Fibonacci retracement
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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.