Type:
Bullish Rise
Key Levels:
Resistance: 1.04040
Pivot: 1.03230
Support: 1.02645
Preferred Case:
On the H4. with price moving above the ichimoku cloud, and moving in an ascending trend channel and trendline, we have a bullish bias that price will continue to rise from the pivot at 1.03230 at the overlap support in line with then 38.2% fibonacci retracement to the 1st resistance at 1.04040 at the swing high in line with the 100% fibonacci projection and 50% fibonacci retracement.
Alternative Scenario:
Alternatively, price may break the support structure at the pivot and drop to the 1st support at 1.02645 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.