Type:
Bullish Bounce
Key Levels:
Resistance: 1.13486
Pivot: 1.12819
Support: 1.12337
Preferred Case:
With price moving above the ichimoku cloud, we have a bullish bias that price will rise from pivot at 1.12819 in line with the 61.8% Fibonacci retracement horizontal swing low support, and it is where the support of the ichimoku cloud to 1st resistance at 1.13486, in line with the 61.8% Fibonacci projection and horizontal swing high resistance. Do take note of the intermediate resistance at 1.13182.
Alternative Scenario:
Alternatively, price may break the pivot structure and dip to 1st support at 1.12337, in line with the 100% Fibonacci projection level and the horizontal swing low support.