Type: Bearish MomentumKey Levels:Resistance: 129’14’5Pivot: 126’30’5Support: 124’09’0Preferred Case:On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will drop to the pivot at 126’30’5 in line with the overlap support and 61.8% fibonacci projection. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to the 1st support at 124’09’0 where the 100% fibonacci projection and swing low support are.Alternative Scenario:Alternatively, price may rise to the 1st resistance at 129’14’5 where the pullback resistance, 78.6% fibonacci retracement and 100% fibonacci projection are.Fundamentals:No Major News
Source: Tickmill