Type:
Bullish Bounce
Key Levels:
Resistance: 0.63957
Pivot: 0.62931
Support: 0.62466
Preferred Case:
On the H4, with price recently breaking the descending trendline, we have a bullish bias that price will continue to rise from the pivot at 0.62931 in line with the pullback support to the 1st resistance at 0.63957 in line with the swing high and 50% fibonacci retracement and 78.6% Fibonacci projection.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 0.62466 at the swing low in line with the 78.6% 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.