Type : Bearish Dip
Resistance : 4.7890
Pivot: 4.7740
Support : 4.7375
Preferred case: We see the potential for a bearish dip from our pivot at 4.7740 in line with 138.2% Fibonacci extension towards our 1st support at 4.7375 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7890 in line with 161.8% Fibonacci extension.
Fundamentals: No major news.
Resistance : 4.7890
Pivot: 4.7740
Support : 4.7375
Preferred case: We see the potential for a bearish dip from our pivot at 4.7740 in line with 138.2% Fibonacci extension towards our 1st support at 4.7375 in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 4.7890 in line with 161.8% Fibonacci extension.
Fundamentals: No major news.