DAX Potential for bearish momentum
Type : Bearish Drop
Resistance :13399.43
Pivot: 12437.6
Support : 12123.93
Preferred Case: On the H4, with the price reflecting off the 61.8% Fibonacci retracement line and the price being below ichimoku cloud , we have a bearish bias that the price may break through the pivot line and tap onto the 1st support line which is at the 78.6% Fibonacci extension line
Alternative scenario: Alternatively, price could back to 1297.78 where the 61.8% fibonacci retracement is.
Fundamentals: A series of central bank meetings this week, including the Federal Reserve , which are expected to result in further monetary tightening.
Resistance :13399.43
Pivot: 12437.6
Support : 12123.93
Preferred Case: On the H4, with the price reflecting off the 61.8% Fibonacci retracement line and the price being below ichimoku cloud , we have a bearish bias that the price may break through the pivot line and tap onto the 1st support line which is at the 78.6% Fibonacci extension line
Alternative scenario: Alternatively, price could back to 1297.78 where the 61.8% fibonacci retracement is.
Fundamentals: A series of central bank meetings this week, including the Federal Reserve , which are expected to result in further monetary tightening.
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