Bearish Drop

Key Levels:
Resistance: 8.055
Pivot: 7.665
Support: 7.340

Preferred Case:
On the H4, with price breaking the ascending trendline, we have a bearish bias that price may drop from our pivot at 7.665 where the overlap resistance is to the 1st support at 7.340, where the 50% fibonacci retracement is.

Alternative Scenario:
Alternatively, price could rise to 1st resistance at 8.055 where the 38.2% fibonacci retracement is.

The Nord Stream gas pipeline has been the recent headline news with Gazprom halting an engine, and the Kremlin commenting that there were ‘some problems’ with another Nord Stream turbine. As the news develops significant volatility in energy prices is expected as uncertainty over gas supply to Germany and the Eurozone intensifies.