Type:
Bullish Bounce
Key Levels:
Resistance: 0.92986
Pivot: 0.92224
Support: 0.91622
Preferred Case:
On the H4, with price expected to bounce off the support of the stochastics indicator and the descending channel, we have a bias that price will rise to our 1st resistance at 0.92986 in line with the 50% Fibonacci retracement from our pivot at 0.92224 in line with the horizontal overlap support and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, price may break pivot structure and head for support at 0.91622 in line with the swing low support.
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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.