Prices have broken above a key support zone at 1.2150 on the H1 timeframe. A throwback to this zone, which coincides with the 38.2% Fibonacci retracement, could present the opportunity to ride the bounce to the resistance zone at 1.2250, which is in line with the 78.6% Fibonacci extension. Price is holding above the 20 EMA and Ichimoku cloud, supporting our bullish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.