Preference:

Price is reacting in a descending channel, signifying an overall bearish trend. We can expect price to drop from the pivot level in line with 61.8% Fibonacci projection towards 1st Support in line with 61.8% Fibonacci projection. Our bearish bias is further supported by stochastic indicator where the %K line is abiding to the descending trendline resistance.

Alternative Scenario:

Alternatively, price could push higher up to 1st Resistance in line with previous swing high and 127.2% Fibonacci projection.

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