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