Preference:

Price is rejecting our resistance at pivot at 1.15841 in line with the 38.2% Fibonacci retracement and horizontal overlap resistance. We expect to see price drop from here to 1st support at 1.15344 in line with 78.6% Fibonacci retracement and horizontal overlap support.

Alternative Scenario:

Alternatively, price may break pivot structure and head for 1st resistance at 1.16192 in line with the 61.8% Fibonacci retracement and horizontal overlap resistance.

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