Type:
Bullish Bounce
Key Levels:
Resistance: 1.09215
Pivot: 1.07694
Support: 1.0711
Preferred Case:
On the H4, with price expected to bounce off the stochastic indicator, we have a bullish bias that price will rise to our 1st resistance at 1.09215 where the horizontal swing high resistance and 38.2% Fibonacci retracement is from our pivot of 1.07694 in line with the horizontal swing low support.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support where the 127.2% Fibonacci extension and horizontal swing low support is at 1.0711.
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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.