Type: Bullish bounce
Key Levels: Resistance: 1.46455, pivot:1.45501, support: 1.44819
Preferred Case: is reacting in a descending channel, signifying an overall bearish trend. We can expect the price to drop from the pivot level in line with 61.8% Fibonacci projection towards 1st support in line with 61.8% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the line is abiding by the descending trendline resistance.
Alternative Scenario: Alternatively, the price could push higher up to 1st resistance in line with previous swing high and 127.2% Fibonacci projection.
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