Technical situation on coffe market
The coffee price is more than 5% down during today's session. Looking at the H4 chart from technical point of view, the price returned below the key support at 126.50. Therefore the current drop may deepen to 130.40 where the next major demand area is situated. The area results from the lower limit of the 1:1 structure and the 38.2% Fibonacci retracement of the recent upward swing.
Coffee H4 interval. Source: xStation5
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