Price is abiding to descending trendline resistance, signifying overall bearish momentum. We can expect price to drop from the pivot level in line with 50% FIbonacci retracement and 78.6% Fibonacci projection towards 1st Support in line with 78.6% Fibonacci projection and horizontal support. Our bearish bias is further supported by the 100 period moving average.

Alternative Scenario:

Alternatively, price could push higher towards 1st Resistance in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement.

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