Type:
Bullish Bounce
Key Levels:
Resistance: 103.211
Pivot: 102.439
Support: 101.287
Preferred Case:
On the H4, with MACD moving in a bullish momentum and breakout from the descending trendline, we have a bullish bias that price will rise to our 1st resistance at 103.211 where the horizontal overlap resistance and 50% fibonacci retracement are from our pivot at 102.439 in line with the horizontal overlap support is.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 101.287 where the horizontal swing low, 50% fibonacci retracement and 78.6% fibonacci retracement are.
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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.