Type:
Bullish Bounce
Key Levels:
Resistance: 130.802
Pivot: 129.61
Support: 128.857
Preferred Case:
On the H4, with prices moving above the ichimoku indicator and breakout from descending trendline, we have a bullish bias that price will rise from our pivot at 129.61 where the horizontal overlap support is to our 1st resistance at 130.802 in line with the swing high resistance, 127.2% Fibonacci extension and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 128.857 where the horizontal pullback support and 38.2% fibonacci retracement are.
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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.