Description: Price is bouncing from our Pivot point of 0.71000, which is in line with 78.6%, -27% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap. A potential rise from here towards our first resistance level of 0.71854, in line with 50% Fibonacci retracement, 127% fibonacci extension and ascending trendline resistance. Please note that price has broken out of the ascending trendline and a retest could potentially happen, in line with our short-term bullish analysis.
Pivot: 0.71000 Why we like it: 78.6%, -27% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical overlap
1st Support: 0.70425 Why we like it: -61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing low support.
1st Resistance: 0.71854 Why we like it: 50% Fibonacci retracement, 127% fibonacci extension and ascending trendline resistance.
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