Type: Bearish downside
Resistance : 1910.9
Pivot: 1903.9
Support: 1880.8
Preferred case: Prices have been been on bullish momentum and have consolidated in a parallel channel. With a potential double top spotted, we see the potential for a pullback from our Pivot at 1903.9 in line with 161.8% Fibonacci Projection towards our 1st support at 1880.8 which is an area of Fibonacci confluences. Our bearish bias is further supported by the bearish divergence spotted on RSI.
Alternative scenario: If prices were to continue their rally, they can potentially rise towards our 1st resistance at 1910.9 in line with 100% Fibonacci extension.
Fundamentals: US Bank holiday would mean we might expect lower volatility in trading. Markets will await for further news with further regards to escalation on the Russia-Ukraine front. Safe haven assets will constantly be in demand until Crisis has officially been resolved, supporting an overall bullish trend.
Resistance : 1910.9
Pivot: 1903.9
Support: 1880.8
Preferred case: Prices have been been on bullish momentum and have consolidated in a parallel channel. With a potential double top spotted, we see the potential for a pullback from our Pivot at 1903.9 in line with 161.8% Fibonacci Projection towards our 1st support at 1880.8 which is an area of Fibonacci confluences. Our bearish bias is further supported by the bearish divergence spotted on RSI.
Alternative scenario: If prices were to continue their rally, they can potentially rise towards our 1st resistance at 1910.9 in line with 100% Fibonacci extension.
Fundamentals: US Bank holiday would mean we might expect lower volatility in trading. Markets will await for further news with further regards to escalation on the Russia-Ukraine front. Safe haven assets will constantly be in demand until Crisis has officially been resolved, supporting an overall bullish trend.