Type:
Bullish Rise
Key Levels:
Resistance: 1.04505
Pivot: 1.03010
Support: 1.02000
Preferred Case:
On the H4, with price moving in an ascending trendline, we have a bullish bias that price will continue to rise from the entry at 1.03010 in line with the pullback support, 23.6% fibonacci retracement and 61.8% fibonacci projection to the take profit at 1.04505 at the pullback resistance in line with the 61.8% fibonacci retracement.
Alternative Scenario:
Alternatively, price may reverse off the entry and drop to the top loss at 1.02000 at the swing low.
Fundamentals:
No major news
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
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Written by Desmond Leong
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.
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Source: Tickmill