Preference:

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 38.2% 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 78.6% Fibonacci projection and 38.2% Fibonacci retracement.

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