Type:
Bullish Rise
Key Levels:
Resistance: 1.0430
Pivot: 1.0198
Support: 1.0007
Preferred Case:
On the H4, with prices breaking the descending channel , we have a bullish bias that price will rise from the pivot at 1.0198 where the 23.6% fibonacci retracement is to the 1st resistance at 1.0430 where the 50% fibonacci retracement is.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 1.0007 where the swing low support.
Fundamentals:
No key 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.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% and 68% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
Previous Post
ETHUSD, H4 | Potential Bullish Continuation
Next Post
S&P 500 E-mini Futures (ES1!), H4 Potential For Bullish Momentum
Source: Tickmill