Type : Bearish Drop
Resistance : 1.0314
Pivot: 1.0151
Support : 1.0005
Preferred Case: On the H4, as the price is below descending trendline and the MACD indicators are below zero, we have a bearish bias that price may drop from the pivot at 1.0151 where the 61.8% fibonacci retracement is to the 1st support at 1.0005, which is in line with swing low.
Alternative scenario: Alternatively, price could rise to 1st resistance at 1.0314 where the 61.8% fibonacci retracement is.
Fundamentals: Rhine River, a pillar of the German, Dutch and Swiss economies for centuries is set to become virtually impassable at a key waypoint later this week, which impacted the transport of diesel and coal.
Resistance : 1.0314
Pivot: 1.0151
Support : 1.0005
Preferred Case: On the H4, as the price is below descending trendline and the MACD indicators are below zero, we have a bearish bias that price may drop from the pivot at 1.0151 where the 61.8% fibonacci retracement is to the 1st support at 1.0005, which is in line with swing low.
Alternative scenario: Alternatively, price could rise to 1st resistance at 1.0314 where the 61.8% fibonacci retracement is.
Fundamentals: Rhine River, a pillar of the German, Dutch and Swiss economies for centuries is set to become virtually impassable at a key waypoint later this week, which impacted the transport of diesel and coal.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results