Price is abiding to a descending channel, signifying an overall bearish momentum. However, we can expect price to bounce from the pivot level in line with 61.8% Fibonacci projection towards 1st Resistance in line with 61.8% Fibonacci projection. Our short-term bullish bias is further supported by the stochastic indicator where the %K line is approaching the recent support level.

Alternative Scenario:

Alternatively, price could push further down to 1st Support in line with 100% Fibonacci projection.

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