Type : Bearish Dip
Resistance : 4.7660
Pivot: 4.7370
Support : 4.6840
Preferred case: We see the potential for a bearish continuation from our pivot at 4.7370 in line with 78.6% Fibonacci retracement our 1st support at 4.6840 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7660 in line with 61.8% Fibonacci projection and 138.2% Fibonacci extension.
Fundamentals: No major news.
Resistance : 4.7660
Pivot: 4.7370
Support : 4.6840
Preferred case: We see the potential for a bearish continuation from our pivot at 4.7370 in line with 78.6% Fibonacci retracement our 1st support at 4.6840 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7660 in line with 61.8% Fibonacci projection and 138.2% Fibonacci extension.
Fundamentals: No major news.