Price is approaching our first support at 1.230 (horizontal overlap support, 61.8% Fibonacci extension
, 50% Fibonacci retracement
) and a strong bounce might occur, pushing price up to our major resistance at 1.2421 (horizontal swing high resistance, 78.6% Fibonacci retracement
, 61.8% Fibonacci extension
). A breakout above our intermediate resistance at 1.2378 (horizontal swing high resistance, 61.8% Fibonacci extension
) might provide the bullish
acceleration to our major resistance level
(55,5,3) is also approaching our major support and short term ascending support line and a bounce off this level might be a good precursor for a potential rise in price.
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