Type:
Bearish Drop
Key Levels:
Resistance : 1.0314
Pivot: 1.0151
Support : 1.0005
Preferred Case:
On the H4, as the price is below descending trendline and the MACD indicators are below zero, we have a bearish bias that price may drop from the pivot at 1.0151 where the 61.8% fibonacci retracement is to the 1st support at 1.0005, which is in line with swing low.
Alternative Scenario:
Alternatively, price could rise to 1st resistance at 1.0314 where the 61.8% fibonacci retracement is.
Fundamentals:
Rhine River, a pillar of the German, Dutch and Swiss economies for centuries is set to become virtually impassable at a key waypoint later this week, which impacted the transport of diesel and coal.
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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.