Type : Bullish Bounce Resistance : 1734 Pivot: 1702 Support : 1687 Preferred Case: With price moving above our ichimoku cloud , we have a bullish bias that price will rise to our 1st resistance at 1734 in line with the 127.2% Fibonacci extension from our pivot of 1702 in line with the horizontal pullback support and 23.6% Fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and head for 1st support at 1687 in line with the horizontal overlap support and 50% Fibonacci retracement .