Preference:

Price has recently broken out of the descending channel and near pivot level of 1.35083 which is 50% Fibonacci retracement and 78.6% Fibonacci projection. Price can potentially go to the 1st resistance level of 1.3689 which is 127.2% Fibonacci projection and 78.6% Fibonacci retracement .

Alternative scenario:

Price can potentially dip to the 1st support level of 1.34092 which is 23.6% Fibonacci retracement

 

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.