Type:
Bullish Bounce
Key Levels:
Resistance: 1.07724
Pivot: 1.04691
Support: 1.03514
Preference:
On the H4, with price moving in an ascending trendline, we have a bullish bias that price will rise from the pivot at 1.04691 in line with the 50% fibonacci retracement and pullback support to the 1st resistance at 1.07724 in line with the horizontal swing high and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 1.03514 in line with the multiple swing low and 61.8% fibonacci projection.
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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.