Type:
Bullish Breakout
Key Levels:
Resistance: 141.384
Pivot: 136.701
Support: 134.271
Preferred Case:
On the H4, with price moving along an ascending trendline and bouncing off the ichimoku support, we have a bullish bias that price will rise to our pivot at 136.701 in line with the swing high resistance and 100% fibonacci projection. Once there is upside confirmation of price breaking pivot, we would expect bullish momentum to carry price to 1st resistance at 141.384 in line with 61.8% fibonacci projection and 100% fibonacci projection.
Alternative Scenario:
Alternatively, price could drop to 1st support at 134.271 in line with the swing low support, 100% fibonacci projection and 23.6% fibonacci retracement.
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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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