Bullish Bounce

Key Levels:
Resistance: 0.85096
Pivot: 0.84637
Support: 0.84474

Preferred Case:
Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. However, we can expect a short-term bullish bounce at the pivot level in line with horizontal support, previous swing low and 100% Fibonacci projection towards 1st Resistance in line with 38.2% Fibonacci retracement, 100% Fibonacci projection and descending trendline resistance. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is approaching the support level.

Alternative Scenario:
Alternatively, price could push further down towards 1st Support in line with 127.2% Fibonacci projection.