Type: Bearish MomentumKey Levels:Resistance: 235.2Pivot: 225.25Support: 211. 40Preferred Case:On the H1, with price moving below the ichimoku indicator and along the descending trendline, we have a bearish bias that price will drop from our pivot at 225.25 in line with the 23.6% fibonacci retracement and overlap resistance to the 1st support at 211. 40 in line with the 161.80% fibonacci extension and swing low support.Alternative Scenario:Alternatively, price may break the pivot structure and rise to the 1st resistance at 235.2 in line with the swing high resistance, 100% fibonacci projection and 78.6% fibonacci retracement .Fundamentals:Since both countries, Russia and Ukraine, are major exporter of agriculture goods and their persistent war will lead to a shortage of agricultural goods and give us a bullish bias for coffee .
Source: Tickmill
