Type: Bullish Bounce
Key Levels: Resistance: 2.04059, Pivot: 2.01111 and Support: 2.00397
Preferred Case: is on bullish momentum and abiding to our bullish trendline.
We see the potential for a bounce from our Pivot a 2.01111 in line with 100% Fibonacci extension towards our 1st resistance at 2.04059 in line with 61.8% Fibonacci extension, 127.2% Fibonacci extension, and 100% Fibonacci retracement.
Prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario: Alternatively, prices may dip towards our 1st support at 2.00397 in line with 23.6% Fibonacci retracement and 78.6% Fibonacci retracement.
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