Title
BCOUSD H4 | Bullish Bounce
Type
Bullish Bounce
Preference:
Price is falling toward the pivot of 83.26, a pullback support close to 38,2% Fibo retracement. A bounce from this level could lead the price to 1st resistance of 86.16, an overlap resistance
Alternative scenario:
If price breaks below the pivot, it could fall to 1st support of 80.45, close to 61.8% Fibo retracement.
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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.