Type:
Bullish Bounce
Key Levels:
Resistance: 0.6981
Pivot: 0.69249
Support: 0.69027
Preferred Case:
On the H4, with price expected to bounce off the support of the Ichimoku cloud, we have a bias that price will rise to our 1st resistance at 0.6981 in line with the swing high resistance from our pivot of 0.69249 in line with the 100% Fibonacci projection, 38.2% Fibonacci retracement and 78.6% Fibonacci retracement.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 0.69027 in line with the swing low support.
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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.