Type:
Bullish Bounce
Key Levels:
Resistance: 1.20531
Pivot: 1.19335
Support: 1.17551
Preferred Case:
On the H4, with prices breaking out of the descending channel and RSI moving along an ascending trendline, we have a bullish bias that prices will rise from the pivot at 1.19335 where the 38.2% fibonacci retracement and pullback support are to the 1st resistance at 1.20531 where the swing high resistance and 50% fibonacci retracement are.
Alternative Scenario:
Alternatively, prices could break pivot and drop to 1st support at 1.17551 in line with swing low 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