Type : Bullish Rise
Resistance : 22.005
Pivot: 20.425
Support : 18.905
Preferred Case: On the H4, with prices breaking out of the descending trendline , we have a bullish bias that price will rise from the pivot at 20.425 where the swing low and 61.8% fibonacci retracement are to the 1st resistance at 22.005 where the overlap resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 18.905 where the pullback support.
Fundamentals: Federal Reserve will have a hard time raising interest rates in an economy that is so soft. However, this is more likely than not going to be a false pretense, as inflation is still roaring.
Resistance : 22.005
Pivot: 20.425
Support : 18.905
Preferred Case: On the H4, with prices breaking out of the descending trendline , we have a bullish bias that price will rise from the pivot at 20.425 where the swing low and 61.8% fibonacci retracement are to the 1st resistance at 22.005 where the overlap resistance is.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 18.905 where the pullback support.
Fundamentals: Federal Reserve will have a hard time raising interest rates in an economy that is so soft. However, this is more likely than not going to be a false pretense, as inflation is still roaring.
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