Price brokeout of the descending trendline resistance, signifying potential bullish momentum. We can expect price to push up from pivot (if price closes above it) level in line with 78.6% Fibonacci projection towards 1st resistance in line with 127.2% Fibonacci projection and 127.2% Fibonacci retracement. Our bullish bias is further supported by the Ichimoku cloud indicator where the price is holding above it.

Alternative Scenario:

Alternatively, price could drop back down to 1st Support in line with 38.2% Fibonacci retracement.

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