Type:
Bullish Bounce
Key Levels:
Resistance: 1.94491
Pivot: 1.91575
Support: 1.91067
Preferred Case:
On the H4, with price expected to bounce off the support of Ichimoku indicator, we have a bullish bias that price will rise to our 1st resistance at 1.94491 where the horizontal swing high resistance is from our pivot at 1.91575 in line with the horizontal swing low support and 50% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 1.91067 where the horizontal overlap support and 50% 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.