Type:
Bullish Bounce
Key Levels:
Resistance: 1.26674
Pivot: 1.26036
Support: 1.25573
Preferred Case:
On the H4, with price moving above the ichimoku indicator and the RSI indicator moving in an uptrend momentum, we have a bullish bias that price will rise from our pivot at 1.26036 where the horizontal overlap support is to our 1st resistance at 1.26674 in line with the 61.8% Fibonacci retracement, 100% Fibonacci projection and swing high resistance.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.25573 where the horizontal overlap support and 23.6% 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.