Type:
Bullish Rise
Key Levels:
Resistance: 3.5915
Pivot: 3.4685
Support: 3.3710
Preferred Case:
On the H4, with price breaking the descending channel, we have a bullish bias that price will rise from our pivot at 3.4685 where the pullback support and 23.6% fibonacci retracement are to the 1st resistance at 3.5915 where the swing high resistance is.
Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 3.3710 where the overlap support, 50% fibonacci retracement are.
Fundamentals:
No major 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.