Price has broken the daily descending trendline resistance (now support), signifying a bullish momentum. We can expect further upside on price if it breaks through the pivot level in line with 100% Fibonacci Projection , 61.8% Fibonacci retracement and previous swing high. Price is expected to ride the bullish momentum towards the take profit level in line with 161.8% Fibonacci Projection and 161.8% Fibonacci retracement . Our bullish bias is further supported by the price holding above the 50period MA.

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