Type:
Bullish Bounce
Key Levels:
Resistance: 0.81056
Pivot: 0.80283
Support: 0.79355
Preferred Case:
On the H4, with prices moving above the ichimoku indicator and has broken out of the descending trendline, we have a bullish bias that price will rise from the pivot at 0.80283 where the pullback support is to the 1st resistance at 0.81056 in line with pullback resistance, 50% fibonacci retracement and 127.2% fibonacci extension.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 0.79355 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.