On the H4, with price moving in an ascending trendline and above the ichimoku cloud, we have a bullish bias that price will continue to rise from the pivot at 104.173 at the pullback support in line with the 78.6% fibonacci retracement to the 1st resistance at 105.261 in line with 61.8% fibonacci projection and multiple swing highs. Alternatively, price may drop from the pivot to the 1st support at 103.586 at the swing low in line with the 61.8% fibonacci projection.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website