Abstract:On the H4, with price bouncing off the ichimoku cloud and RSI showing an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 1.01325 at the overlap resistance in line with the 61.8% fibonacci retracement .
Type: Bullish Momentum
Key Levels:
Resistance: 1.04235
Pivot: 1.01325
Support: 1.00015
Preferred Case:
On the H4, with price bouncing off the ichimoku cloud and RSI showing an ascending trendline, we have a bullish bias that price will continue to rise from the pivot at 1.01325 at the overlap resistance in line with the 61.8% fibonacci retracement . If price breaks above the intermediate resistance at 1.03155 at the horizontal swing high in line with the 61.8% fibonacci projection , we will have upside confirmation that price will continue to rise to the 1st resistance at 1.04235 at the pullback swing low in line with the 61.8% fibonacci retracement and 100% fibonacci projection .
Alternatively, price could break pivot structure and drop to the 1st support at 1.00260 where the swing low support.
Fundamentals: The ECB surprised markets with a 50bps rate increase at its recent meeting, the first rate increase since 2011. However, uncertainty over strong inflation growth, recession in the Eurozone, and the ongoing gas crisis has led to the Euro failing to find sustainable upside moves beyond the resistance level .
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