Price is currently holding and likely to bounce off the ascending trendline at the 1.25138 price level. This level is also in line with the 61.8% Fibonacci retracement and the 161.8% Fibonacci extension. We can expect price to rise up to the 1st resistance at the horizontal swing high resistance which is in line with the 38.2% Fibonacci retracement level. Alternatively, price may make a bearish breakout to the downside to take support at 1.24405 which is in line with a horizontal overlap support and a 78.6% Fibonacci retracement.
