Potential for Bearish Drop
Type : Bearish Continuation
Resistance : 104.235
Pivot: 102.510
Support : 101.315
Preferred 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.
The ADP Non-Farm Employment Change is expected to increase by 295k (previous 247k). We currently have a weak bullish bias.
Type : Bearish Continuation
Resistance : 104.235
Pivot: 102.510
Support : 101.315
Preferred 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.
The ADP Non-Farm Employment Change is expected to increase by 295k (previous 247k). We currently have a weak bullish bias.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.