Preference:

Price have recently broken out of our descending trendline. We see potential for a bounce from their Pivot at 1.34576 which is an area of Fibonacci confluences towards our 1st resistance at 1.35334 in line with 38.2% Fibonacci retracement, 100% and 78.6% Fibonacci Extension.

Alternative Scenario:

Alternatively, prices may dip towards our 1st support at 1.33963 in line with 78.6% Fibonacci retracement.

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