Type: Bullish BreakoutKey Levels:Resistance: 138.37Pivot: 136.7Support: 134.224Preferred Case:On the H4, with price moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to our pivot at 136.7 where the swing high resistance and 127.2% fibonacci extension are. Once there is upside confirmation that price has broken past the pivot, we would expect bullish momentum to carry price to our 1st resistance at 138.37 where the -27.2% fibonacci expansion and 78.6% fibonacci projection are.Alternative Scenario:Alternatively, price may drop to 1st support at 134.224 in line with the swing low support, 23.6% fibonacci retracement and 50% fibonacci retracement.
Source: Tickmill
