Type:
Bullish Bounce
Key Levels:
Resistance: 0.6872
Pivot: 0.68085
Support: 0.67286
Preferred Case:
On the H4, we expect to see a potential for a bullish bounce from our pivot level of 0.68085 in line with the 78.6% Fibonacci retracement and 161.8% Fibonacci extension towards our 1st resistance level at 0.6872 in line with the 23.6% Fibonacci retracement. Our bullish bias is supported by the stochastic indicator where price is at support level.
Alternative Scenario:
Alternatively, If price breaks out, it can potentially move towards our 1st support level at 0.67286 which is in line with the swing low support.
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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.