Type: Bearish ContinuationKey Levels:Resistance: 104.235Pivot: 102.510Support: 101.315Preferred Case:With the donchian channel and MACD showing further bullish momentum , we have a bullish bias that price will rise from our pivot at 101.315 in line with the horizontal pullback support and 23.6% Fibonacci retracement to our 1st resistance at 104.235 in line with the horizontal overlap resistance and 78.6% Fibonacci retracement .Alternative Scenario:Alternatively, price may break pivot structure and head for 1st support at 101.315 in line with the horizontal swing low support.Fundamentals:The latest Fed-speak reiterated the high likelihood of two 50bps hikes in the next two central bank meetings. The path after will be data-dependent.
Source: Tickmill