Type:
Bullish Rise
Key Levels:
Resistance: 0.63185
Pivot: 0.62470
Support: 0.61850
Preferred Case:
On the H4, with prices moving within an ascending channel, RSI moving in an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 0.62490 where the overlap support is to the 1st resistance at 0.63825 where the swing high resistance is in line with the 78.6% fibonacci projection.
Alternative Scenario:
Alternatively, price could reverse off pivot structure and drop to the 1st support at 0.61955 where the overlap support, 38.2% fibonacci retracement is.
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.