Type : Bearish Drop
Resistance :1.01020
Pivot: 0.99945
Support : 0.99945
Preferred Case: On the H4, with the price moving below the ichimoku cloud, we have a bearish bias that the price may drop from the pivot at 0.99945, where the 38.2% fibonacci retracement are to the 1st support at V, where the 61.8% fibonacci projection and swing lows are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 1.01020, which in line with swing high and 38.2% fibonacci retracement.
Fundamentals: Spanish Flash CPI y/y is out today, showing 10.4%, which is lower than the expectation and previous. Additionally, German Prelim CPI m/m will be out today, the expectation is lower than the previous. Therefore, we would hold a bearish bias of the EURO FX future.
Resistance :1.01020
Pivot: 0.99945
Support : 0.99945
Preferred Case: On the H4, with the price moving below the ichimoku cloud, we have a bearish bias that the price may drop from the pivot at 0.99945, where the 38.2% fibonacci retracement are to the 1st support at V, where the 61.8% fibonacci projection and swing lows are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 1.01020, which in line with swing high and 38.2% fibonacci retracement.
Fundamentals: Spanish Flash CPI y/y is out today, showing 10.4%, which is lower than the expectation and previous. Additionally, German Prelim CPI m/m will be out today, the expectation is lower than the previous. Therefore, we would hold a bearish bias of the EURO FX future.