Type:
Bullish Bounce
Key Levels:
Resistance: 131.888
Pivot: 130.866
Support: 130.432
Preferred Case:
On the H4, with price expected to bounce off the support of the stochastics, we have a bias that price will rise to our 1st resistance at 131.888 in line with the 78.6% Fibonacci retracement from our pivot of 130.866 in line with the horizontal swing low support and 78.6% Fibonacci retracement and 127.2% Fibonacci extension.
Alternative Scenario:
Alternatively, price may break pivot and head for 1st support at 130.432 in line with the 161.8% Fibonacci extension.
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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.