Euro FX Futures ( 6E1! ), H4 Potential For Bullish Momentum

44410 euro fx futures 6e1 h4 potential for bullish momentum

Type:

Bullish Momentum

Key Levels:

Resistance: 1.04235

Pivot: 1.01325

Support: 1.00015

Preferred Case:

On the H4, with price bouncing off the ichimoku cloud and RSI showing an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 1.01325 at the overlap resistance in line with the 61.8% fibonacci retracement . If price breaks above the intermediate resistance at 1.03155 at the horizontal swing high in line with the 61.8% fibonacci projection , we will have upside confirmation that price will continue to rise to the 1st resistance at 1.04235 at the pullback swing low in line with the 61.8% fibonacci retracement and 100% fibonacci projection .

Alternative Scenario:

Alternatively, price may reverse off the pivot and drop to the 1st support at 1.00015 at the swing low in line.

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.

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.


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