Type:
Bullish Bounce
Key Levels:
Resistance: 128.843
Pivot: 127.896
Support: 127.15
Preferred Case:
On the H4, with prices breaking above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our pivot at 127.896 where the horizontal overlap resistance is to our 1st resistance at 128.843 in line with the swing high resistance, 127.2% Fibonacci extension and 78.6% fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 127.15 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.