New York coffee may test resistance at $1.1040

• The break signals a reversal of the downtrend from the Dec. 17, 2019 high of $1.4245.
• Support is at $1.0625, a break below which could open the way towards $1.0370.

The resistance is identified as the 138.2pc projection level of a downward wave c from $1.3465. Coffee has broken a falling trendline.

The break signals a reversal of the downtrend from the Dec. 17, 2019 high of $1.4245.

Support is at $1.0625, a break below which could open the way towards $1.0370.