Type:
Bullish Bounce
Key Levels:
Resistance: 138.669
Pivot: 134.729
Support: 131.492
Preference:
On the H4, with price moving above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 134.729 in line with the pullback support and 38.2% fibonacci retracement to our 1st resistance at 138.669 where the 161.8% fibonacci extension and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price may break support structure at the pivot and head for 1st support at 131.492 in line with the swing low support, 100% fibonacci projection and 38.2% fibonacci retracement.
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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.