Type:
Bullish Bounce
Key Levels:
Resistance: 0.65453
Pivot: 0.64101
Support: 0.62898
Preferred Case:
On the H4, with price moving above the Ichimoku cloud and price breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 0.65453 where the 38.2% Fibonacci retracement and horizontal swing high resistance are from our pivot at 0.64101 in line with the overlap support. Take note of intermediary support at 0.63663 where the overlap support is.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.62898 where the swing low 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.