Price is currently at the horizontal support level, we can expect price to bounce from there in line with 78.6% Fibonacci projection towards 1st Resistance in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is further supported by the RSI indicator where it is abiding to the ascending trendline.

Alternative Scenario:

Alternatively, price could push further down to the 1st Support in line with 127.2% Fibonacci projection.

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