Tickmill

EURO FX Futures ( 6E1! ), H4 Potential for Bullish Momentum

CME:6E1!   EURO FX FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Title: EURO FX Futures ( 6E1! ), H4 Potential for Bullish Momentum
Type: Bullish Momentum
Resistance: 1.01345
Pivot: 0.99940
Support: 0.97525

Preferred case: On the H4 chart, the overall bias for ZS1! is bullish . To add confluence to this, price is above the Ichimoku cloud and price breaking the descending trendline which indicate a bullish market. The price may rise from the pivot at 0.99940, which is in line with the 61.8% fibonacci retracement and projection to the 1st resistance at 1.01345, where the swing high is.

Alternative scenario: Price may retrace downwards towards the the support line at 0.97525, which is in line with the swing lows.

Fundamentals: There are no major news.

This analysis is provided as general market commentary and does not constitute investment advice.
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