Type:
Bullish Bounce
Key Levels:
Resistance: 1.23243
Pivot: 1.21615
Support: 1.2059
Preferred Case:
On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 1.21615 where the pullback support is to the 1st resistance at 1.23243 where the swing high resistance and 127.2% fibonacci extension are.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 1.2059 where the 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.