Type:
Bullish Bounce
Key Levels:
Resistance: 1.3018
Pivot: 1.28596
Support: 1.27179
Preferred Case:
On the H4, with price expected to bounce off ichimoku support, we have a bullish bias that price will rise from our pivot at 1.28596 where the horizontal swing low support and 38.2% Fibonacci retracement is to our 1st resistance at 1.3018 in line with the horizontal swing high resistance and 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may break structure and head for 1st support at 1.27179 where the horizontal pullback support, 61.8% fibonacci projection and 61.8% fibonacci retracement .
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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.