Type:
Bullish Rise
Key Levels:
Resistance: 0.63190
Pivot: 0.62480
Support: 0.61865
Preferred Case:
On the H4, with price moving above the ichimoku cloud and has broken through the descending trendline, we have a bullish bias that price will rise to the pivot at 0.62480 in line with the swing high resistance and 61.8% fibonacci retracement. Once we have upside confirmation that price has broken past pivot , we would expect bullish momentum to carry price to the 1st resistance at 0.63190 where the swing high resistance and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price may drop to the 1st support level at 0.61865 in line with the pullback support and 61.8% fibonacci projection .
Fundamentals:
No Major News
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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.