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.

Improve Your Trading

Did you know that SuperTrader Markets has a VIP room where you can learn to trade from a team of award-winning analysts?

Check out our exclusive Live Trading Room where you can ask questions directly to a team of CFA, CMT, CFTe accredited analysts.