On the H4, with price breaking the ascending trendline, we have a bearish bias that price may drop from our pivot at 7.665 where the overlap resistance is to the 1st support at 7.340, where the 50% fibonacci retracement is.
Alternatively, price could rise to 1st resistance at 8.055 where the 38.2% fibonacci retracement is.
The Nord Stream gas pipeline has been the recent headline news with Gazprom halting an engine, and the Kremlin commenting that there were ‘some problems’ with another Nord Stream turbine. As the news develops significant volatility in energy prices is expected as uncertainty over gas supply to Germany and the Eurozone intensifies.
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Written by Desmond Leong
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.
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