Type:
Bullish Bounce
Key Levels:
Resistance: 140.099
Pivot: 136.722
Support: 134.319
Preferred Case:
On the H4, with price moving along an ascending trendline and above the ichimoku indicator, we have a bullish bias that price will rise from our pivot at 136.722 where the overlap support, 23.6% fibonacci retracement and 61.8% fibonacci projection are to our 1st resistance at 140.099 in line with the -61.8% fibonacci expansion.
Alternative Scenario:
Alternatively, price could break pivot and drop to 1st support at 134.319 in line with the swing low support and 61.8% 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.