EURO FX Futures ( 6E1! ), H4 Potential for Bearish Drop
Title: EURO FX Futures ( 6E1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 1.07670
Pivot: 1.05085
Support: 1.03315
Preferred case: Looking at the H4 chart, my overall bias for 6E1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly head back down to break the pivot at 1.05085 where the previous high was before heading down towards the support at 1.03315, where the 23.6% Fibonacci line is.
Alternative scenario: Price may head back up towards the 1st resistance line at 1.07670 where the previous swing high is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 1.07670
Pivot: 1.05085
Support: 1.03315
Preferred case: Looking at the H4 chart, my overall bias for 6E1! is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. If this bearish momentum continues, expect price to possibly head back down to break the pivot at 1.05085 where the previous high was before heading down towards the support at 1.03315, where the 23.6% Fibonacci line is.
Alternative scenario: Price may head back up towards the 1st resistance line at 1.07670 where the previous swing high is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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