Type:
Bullish Bounce
Key Levels:
Resistance: 0.98726
Pivot: 0.97157
Support: 0.96394
Preferred Case:
On the H4, with prices moving above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 0.97157 where the horizontal swing low support is to our 1st resistance at 0.98726 in line with the pullback resistance, 161.8% fibonacci extension , 61.8% fibonacci retracement and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price may break entry structure and head for 1st support at 0.96394 where the horizontal overlap 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.