Type Bullish Bounce

Support: 1.15632

Pivot: 1.15829

Resistance: 1.16145


Price is approaching and likely to bounce of strong pivot level of 1.15829. This level coincides with horizontal overlap support, 50.0% Fibonacci retracement level. A retest at this level could see price swing upwards towards 1st resistance at 1.16145. This level is strengthened by 38.2% Fibonacci retracement and 161.8% Fibonacci extension level horizontal overlap support. Our bullish bias is further supported by price's movement above the EMA.

Alternative Scenario: Alternatively, price may break support structure at pivot and head for 1st support at 1.15632 in line with the 50% Fibonacci retracement.