Type : Bearish Momentum
Resistance : 1.05355
Pivot: 1.05125
Support : 1.04285
Preferred Case: On the H4, with price moving below the ichimoku cloud and within a descending channel , we have a bearish bias that price will rise and drop from the pivot at 1.05125 in line with the pullback resistance and 23.6% fibonacci retracement to the 1st support at 1.04285 where the swing low support and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 1.05355 where the pullback resistance, 50% fibonacci retracement and 23.6% fibonacci retracement are.
Fundamentals: Due to ECB President Lagarde stating that it was unlikely the Euro zone could go back to an environment of low inflation, we have a strong bearish bias towards Euro.
Resistance : 1.05355
Pivot: 1.05125
Support : 1.04285
Preferred Case: On the H4, with price moving below the ichimoku cloud and within a descending channel , we have a bearish bias that price will rise and drop from the pivot at 1.05125 in line with the pullback resistance and 23.6% fibonacci retracement to the 1st support at 1.04285 where the swing low support and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and head to the 1st resistance at 1.05355 where the pullback resistance, 50% fibonacci retracement and 23.6% fibonacci retracement are.
Fundamentals: Due to ECB President Lagarde stating that it was unlikely the Euro zone could go back to an environment of low inflation, we have a strong bearish bias towards Euro.