Price has recently broken out of the descending trendline. Price is hovering above a key support zone at 1.0680, which nears the 78.6% Fibonacci retracement, on 1H timeframe. A throwback to this zone could present an opportunity to ride the bounce to the resistance zone at 1.0780, which coincides with the 78.6% Fibonacci extension. Price is above ichimoku cloud, supporting our bullish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.