Type:
Bullish Bounce
Key Levels:
Resistance: 1.93575
Pivot: 1.9185
Support: 1.90841
Preferred Case:
On the H4, with price expected to continue moving within the ascending channel and expected to bounce off the support of the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 1.93575 where the pullback resistance and 50% Fibonacci retracement is from our pivot at 1.9185 in line with the horizontal pullback support and 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break structure and head for 1st support at 1.90841 where the horizontal 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.