Preference:

With price bouncing off the support of the Ichimoku cloud, we have a bullish bias that price will rise from pivot at 1.28377 in line with the graphical overlap resistance and 78.6% Fibonacci projection to 1st resistance at 1.29386 in line with the 78.6% Fibonacci projection and graphical swing high resistance.

Alternative Scenario:

Alternatively, we may see price break pivot structure and head for 1st support at 1.27664 in line with the horizontal swing low support and 127.2% Fibonacci projection.

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