EURO STOXX 50 FUTURES (FESX1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 3569
Pivot: 3503
Support : 3433
Preferred Case: On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 3503 where the pullback support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to the 1st support at 3433 where the swing low support is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 3569 where the overlap resistance, 100% fibonacci projection and 38.2% fibonacci retracement are.
Fundamentals: No Major News
Resistance : 3569
Pivot: 3503
Support : 3433
Preferred Case: On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 3503 where the pullback support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to the 1st support at 3433 where the swing low support is.
Alternative scenario: Alternatively, price could rise to 1st resistance at 3569 where the overlap resistance, 100% fibonacci projection and 38.2% fibonacci retracement are.
Fundamentals: No Major News