Price is abiding to the descending channel, signifying bearish momentum. We can assume that price would push further down from the pivot level in line with 61.8% Fibonacci retracement towards 1st Support in line with 61.8% Fibonacci projection.

Alternative Scenario:

Alternatively, price could bounce up from pivot level towards 1st Resistance in line with 61.8% Fibonacci projection and 38.2% Fibonacci retracement

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.