Type:
Bullish Momentum
Key Levels:
Resistance: 0.7863
Pivot: 0.7795
Support: 0.7728
Preferred Case:
On the H4, microwith price moving in an ascending trendline and moving above the ichimoku cloud, we have a bullish bias that price will rise from the pivot at 0.7795 at the multiple swing high in line with the 50% fibonacci retracement to the 1st resistance at 0.7863 at the pullback resistance in line with the 78.6% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 0.7728 at the overlap swing low.
Fundamentals:
No major news
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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.