Type : Bearish Drop
Resistance : 13802
Pivot: 13452
Support : 13013
Preferred Case: On the H4, with price breaking the ascending channel and MACD histograms are moving below zero, we have a bearish bias that price may drop from our pivot at 13452 where the 23.6% fibonacci retracement is to the 1st support at 13013 where the overlap support and 50% fibonacci retracement are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 13802 where the swing high resistance and 61.8% fibonacci retracement are.
Fundamentals: USD CPI m/m will release today, the potential tighten monetary policy may lead to European stock markets edged down.
Resistance : 13802
Pivot: 13452
Support : 13013
Preferred Case: On the H4, with price breaking the ascending channel and MACD histograms are moving below zero, we have a bearish bias that price may drop from our pivot at 13452 where the 23.6% fibonacci retracement is to the 1st support at 13013 where the overlap support and 50% fibonacci retracement are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 13802 where the swing high resistance and 61.8% fibonacci retracement are.
Fundamentals: USD CPI m/m will release today, the potential tighten monetary policy may lead to European stock markets edged down.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results