Type: Bearish
Resistance: 7.630
Pivot: 6.900
1st Support: 6.335
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. Price has pulled back slightly but we're still looking at bearish momentum bring price back down from the pivot at 6.900, which is in line with the 161.8% and 127.2% extension levels to the 1st support at 6.310, where previous swing low and 78.6% retracement sits
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 7.630, which is in line with the overlap resistance and 38.2% retracement level
Fundamentals: No major news.
Resistance: 7.630
Pivot: 6.900
1st Support: 6.335
Preferred Case: On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. Price has pulled back slightly but we're still looking at bearish momentum bring price back down from the pivot at 6.900, which is in line with the 161.8% and 127.2% extension levels to the 1st support at 6.310, where previous swing low and 78.6% retracement sits
Alternative scenario: Alternatively, the price could rise to the 1st resistance at 7.630, which is in line with the overlap resistance and 38.2% retracement level
Fundamentals: No major news.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.