Type:
Bullish Rise
Key Levels:
Resistance: 1.0430
Pivot: 1.0198
Support: 1.0007
Preferred Case:
On the H4, with prices breaking the descending channel , we have a bullish bias that price will rise from the pivot at 1.0198 where the 23.6% fibonacci retracement is to the 1st resistance at 1.0430 where the 50% fibonacci retracement is.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to the 1st support at 1.0007 where the swing low support.
Fundamentals:
No key news.
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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.