With price bouncing off the stochastics support, from our pivot at 1.1321 in line with the horizontal swing low support and 161.8% Fibonacci projection, we are expecting to see price do a short retracement and bounce up to 1st resistance at 1.13883 in line with the 50%Fibonacci retracement before continuing its overall downwards trend. Price may even react sooner at our intermediary resistance at 1.13573 in line with the 61.8% Fibonacci retracement.

Alternative Scenario:

Alternatively, we may see price break structure at pivot and head for 1st support at 1.12935 in line with the 78.6% Fibonacci projection.

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