With price approaching the graphical horizontal support which aligns with the support of the ichimoku cloud and 61.8% Fibonacci retracement level at our pivot of 1.27319, we are bias for a bounce up from there to 1st resistance at 1.28382 in line with the horizontal overlap resistance.

Alternative Scenario:

Alternatively, we may see price break pivot and ichimoku structure and drop to 1st support at 1.26796 in line with the 78.6% 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.