Type:
Bullish Momentum
Key Levels:
Resistance:
1.06680
Pivot:
1.01265
Support:
1.03965
Preferred Case:
The current bias for 6E1! on the H4 chart is bullish . To add to this bias, the price is currently trading above the Ichimoku cloud , indicating a bullish market. If the bullish momentum continues, expecting price to possible head towards the resistance at 1.06680, where the previous high and 38.2% Fibonacci extension are located.
Alternative Scenario:
Price may break the support line at 1.03965, where the 161.8% Fibonacci line is, before heading towards the Pivot at 1.01265, where the previous swing high was.
Fundamentals:
There are 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.