On the H4, with price breaking the descending channel, we have a bullish bias that price will rise from our pivot at 3.4685 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 3.5915 where the swing high resistance is.
Alternatively, price could break pivot structure and drop to 1st support at 3.3710 where the overlap support, 50% fibonacci retracement are.
No major news.
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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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