Type:
Bullish Bounce
Key Levels:
Resistance: 129.597
Pivot: 128.851
Support: 128.098
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 128.851 where the horizontal pullback support and 78.6% fibonacci projection are to our 1st resistance at 129.597 in line with the swing high resistance, 161.8% Fibonacci extension and 78.6% fibonacci projection
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 128.098 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.