Type:
Bullish Breakout
Key Levels:
Resistance: 0.69579
Pivot: 0.68608
Support: 0.67995
Preferred Case:
On the H4, with price moving above the ichimoku cloud, moving in an ascending support and breaking out of the descending trend channel, we have a bullish bias that price will rise from the pivot at 0.68608 at the overlap resistance to the 1st resistance at 0.69579 at the swing high.
Alternative Scenario:
Alternatively, price may reverse off the pivot and drop to the 1st support at 0.67995 at the overlap support.
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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