Preference:

Price broke out of the descending trendline resistance, signifying a bullish momentum. We can expect price to bounce from pivot level in line with 23.6% Fibonacci retracement towards the 1st resistance in line with 127.2% Fibonacci projection and 161.8% Fibonacci retracement.

Alternative Scenario:

Alternatively, price could reverse back down to the 1st Support in line with 38.2% 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.