Preference:

Price is abiding to the descending channel, signifying a bearish momentum. We can expect price to continue to drop from the pivot point in line with 38.2%
Fibonacci retracement towards 1st Support in line with 78.6% Fibonacci projection.

Alternative Scenario:

Alternatively, price can push up to 1st Resistance in line with 38.2% Fibonacci retracement and 161.8% 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.