Type : Bullish Pressure
Resistance : 4.8270
Pivot: 4.7060
Support : 4.6830
Preferred Case: Price is near pivot level of 4.7060 in line with 61.8% Fibonacci retracement . Price can potentially rise up to the 1st resistance level at 4.8120, in line with 138.2% Fibonacci extension and 61.8% Fibonacci projection . Our bullish bias is further supported by the stochastic indicator where it is at support level .
Alternative scenario: Price might also dip towards the 1st support level of 4.6830 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection .
Resistance : 4.8270
Pivot: 4.7060
Support : 4.6830
Preferred Case: Price is near pivot level of 4.7060 in line with 61.8% Fibonacci retracement . Price can potentially rise up to the 1st resistance level at 4.8120, in line with 138.2% Fibonacci extension and 61.8% Fibonacci projection . Our bullish bias is further supported by the stochastic indicator where it is at support level .
Alternative scenario: Price might also dip towards the 1st support level of 4.6830 in line 78.6% Fibonacci retracement and 78.6% Fibonacci projection .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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