Type:
Bearish Drop
Key Levels:
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.
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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.