Prices have broken above a key resistance zone at 0.6980 on the H1 timeframe. A throwback to this level, which coincides with the 38.2% FIbonacci retracement, could provide the bullish acceleration to the next resistance zone at 0.7050, which is in line with the 61.8% FIbonacci retracement. Prices are lying above the Ichimoku Cloud as well, 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.