Type: Bullish BounceKey Levels:Resistance: 130.356Pivot: 118.018 Support: 105.984Preferred Case:On the H4, price is moving above the ichimoku cloud and within the ascending trend channel, which supports our bullish bias that price will rise from the pivot at 118.018 in line with the swing high and with the 78.6% fibonacci projection to the 1st resistance at 130.356 at the swing high . Additionally, presence of bullish presence pressure on the MACD indicator further supports our bullish bias.Alternative Scenario:Alternatively, price may break the support structure at the pivot and drop to the 1st support at 105.984 in line with the swing low and 50% fibonacci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/wticousd-h4-or-potential-bullish-continuation"
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