Type:
Bullish Rise
Key Levels:
Resistance: 1.04505
Pivot: 1.03010
Support: 1.02000
Preferred Case:
On the H4, with price moving in an ascending trendline, we have a bullish bias that price will continue to rise from the entry at 1.03010 in line with the pullback support, 23.6% fibonacci retracement and 61.8% fibonacci projection to the take profit at 1.04505 at the pullback resistance in line with the 61.8% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the entry and drop to the top loss at 1.02000 at the 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.