Price is reacting above our pivot level at 1.17085, in-line with 61.8% Fibonacci retracement level and horizontal overlap support. Price can potentially swing towards resistance at 1.17700, in-line with 38.2% Fibonacci retracement level, 100% Fibonacci extension and 200MA. RSI has also bounced off retest from descending trendline breakout indicating possible further bullish momentum.
Alternatively, price may drop to our support at 1.16645, in-line 100% Fibonacci retracement level, 161.8% Fibonacci extension and swing low support.

Pivot:
1.17085
Why we like it:
61.8% Fibonacci retracement level and horizontal overlap support

1st Support:
1.16645
Why we like it:
100% Fibonacci retracement level, 161.8% Fibonacci extension and swing low support

1st Resistance:
1.17700
Why we like it:
38.2% Fibonacci retracement level, 100% Fibonacci extension and 200MA

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