Preference:

Price is approaching pivot level at 1.11774 which is in line with 161.8% Fibonacci extension level horizontal swing low support . We could potentially see a further rise from here towards 1.13807, which coincides with horizontal overlap resistance at 1st resistance. Our bullish bias is supported by how price is likely to bounce off the Stochastic support level .

Alternative Scenario:

Alternatively, price may drop to 1st support at 1.10014, which coincides with 78.6% Fibonacci retracement level and horizontal overlap support .

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.