Type : Bullish Momentum
Resistance : 1.07570
Pivot: 1.07085
Support : 1.06155
Preferred Case: With the MACD having a bullish momentum and prices moving above the ichimoku cloud , which supports our bullish bias that price will rise from our pivot at 1.07085 in line with overlap support to our 1st resistance at 1.07570 where the 61.8% fibonacci projection and swing high resistance are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1.06155 in line with the overlap support, -27.2% fibonacci expansion and 38.2% fibonacci retracement .
Fundamentals: The most recent ECB announcement points to a rate rise in July. The pace is projected to be moderate, given the dangers of a recession based on the situation of the long-running conflict in Eastern Europe. As a result, we have a weak bullish bias.
Resistance : 1.07570
Pivot: 1.07085
Support : 1.06155
Preferred Case: With the MACD having a bullish momentum and prices moving above the ichimoku cloud , which supports our bullish bias that price will rise from our pivot at 1.07085 in line with overlap support to our 1st resistance at 1.07570 where the 61.8% fibonacci projection and swing high resistance are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 1.06155 in line with the overlap support, -27.2% fibonacci expansion and 38.2% fibonacci retracement .
Fundamentals: The most recent ECB announcement points to a rate rise in July. The pace is projected to be moderate, given the dangers of a recession based on the situation of the long-running conflict in Eastern Europe. As a result, we have a weak bullish bias.