Type:
Bullish Rise
Key Levels:
Resistance: 3.4808
Pivot: 3.3401
Support: 3.2003
Preferred Case:
On the H4, with prices bouncing off the ichimoku indicator and moving along the ascending trendline while the RSI is moving along an ascending trendline, we have a bullish bias that price will rise to the pivot at 3.3401 in line with the swing high resistance and 78.6% fibonacci projection . Once there is upside confirmation of price breaking the pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.4808 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative Scenario:
Alternatively, price may drop to the 1st support level at 3.2003 in line with the swing low support and 78.6% fibonacci projection .
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.