Preference:

Prices have recently broken out of our bullish trendline. We see the potential for prices to dip from our Pivot at 113.642 in line with 50% Fibonacci retracement to our area of 1st support at 113.016 in line with 38.2% Fibonacci retracement.

Alternative Scenario:

Alternatively, prices may climb higher towards our 1st resistance at 114.204 in line with 100% Fibonacci extension.

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