Type:
Bullish Bounce
Key Levels:
Resistance: 135.56
Pivot: 131.495
Support: 129.56
Preferred Case:
On the H4, with price expected to bounce off stochastic indicator, we have a bullish bias that price will rise from our pivot at 131.495 where the horizontal swing low support, 78.6% fibonacci projection and 50% fibonacci retracement are to our 1st resistance at 135.56 in line with the swing high resistance and 61.8% fibonacci projection.
Alternative Scenario:
Alternatively, price may break pivot structure and head for 1st support at 129.56 where the horizontal overlap support and 61.8% fibonacci retracement are.
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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.