Price broke out of the descending trendline resistance signifying a bullish momentum. Price should push further up if it closes above the pivot level in line with 61.8% Fibonacci projection and push towards 1st Resistance in line with 100% Fibonacci projection and 127.2% Fibonacci retracement. Our bullish bias is further supported by the Ichimoku Cloud where the price is holding above it.

Alternative Scenario:

Alternatively, price could drop down from the pivot level to 1st Support in line with 38.2% Fibonacci retracement and 61.8% Fibonacci projection.

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