Type:
Bullish rise
Key Levels:
Resistance : 147.900
Pivot: 144.275
Support : 141.100
Preferred Case:
On the H4, with price moving in the descending trend and breaking the ichimoku indicator, we have a bearish bias that price may drop from the pivot at 144.275 where the previous swing high sits to the 1st support at 141.100 where the 38.2% retracement sits
Alternative Scenario:
Alternatively, price could break pivot structure and rise to the 1st resistance at 147.900 where the swing high and 127.2% extension sits
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.