Type:
Bullish Rise
Key Levels:
Resistance: 1.04785
Pivot: 1.04350
Support: 1.03890
Preferred Case:
On the H4, with RSI is showing an ascending trend, and the price is consolidating now, we would hold a short term bullish bias that price may rise from the pivot at 1.04350 where the swing highs are to the 1st resistance at 1.04785 where the overlap resistance is.
Alternative Scenario:
Alternatively, price could drop to 1st support at 1.03890 where the 38.2% fibonacci retracement is.
Fundamentals:
US CPI was out yesterday, which caused a big jump of the USD, the price may pullback after that.
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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.