Type:
Bullish Bounce

Key Levels:
Resistance: 1.0509
Pivot: 1.04178
Support: 1.04047

Preferred Case:
Price broke out of the descending trendline resistance on the daily, signifying an overall bullish momentum. We can expect price to bounce from the pivot level in line with 61.8% Fibonacci projection and 50% Fibonacci retracement towards 1st Resistance in line with 61.8% Fibonacci retracement and previous swing high. Our bullish bias is further supported by the Ichimoku Cloud indicator where it is acting as a support.

Alternative Scenario:
Alternatively, price could drop further down to 1st Support in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement.