Price broke out of the ascending trendline support, signifying a bearish momentum. We can expect price to drop from the pivot level in line with 23.6% Fibonacci retracement, 61.8% Fibonacci projection and graphical overlap towards 1st Support in line with previous swing low. Our bearish bias is further supported by the price holding below the Ichimoku cloud.

Alternative Scenario:

Alternatively, price could push higher to 1st Resistance in line with 100% Fibonacci projection.

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