Type:
Bullish Bounce
Key Levels:
Resistance: 1.07635
Pivot: 1.06578
Support: 1.05852
Preferred Case:
On the H4, price recently broke the descending trendline and is moving above ichimoku cloud which supports our bullish bias that price will rise from our pivot at 1.06578 in line with the 38.2% fibonacci retracement and 100% fibonacci projection, to our 1st overlap resistance at 1.07635 in line with the 50% fibonacci retracement.
Alternative Scenario:
Price may break pivot level and drop to 1st horizontal pullback support at 1.05852 in line with the 61.8% fibonacci projection.
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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.