Type: Bullish ReversalKey Levels:Resistance: 18.97Pivot: 18.25Support: 18.03Preferred Case: Price has already broken out of descending trendline and thus we are seeing a bullish reversal. Price is near pivot level of 18.25 in line 23.6% Fibonacci retracement. We expect price to reversal upwards to the resistance level of 18.97 in line with 78.6% Fibonacci retracement and 100% projection. Our bullish bias is further supported by the Ichimoku cloud indicator whereby price is trading above Ichimoku cloud.Alternative Scenario:Otherwise, price can potentially dip to support level of 18.03 in line with 23.6% Fibonacci retracement.Fundamentals: No major news
Source: Tickmill