Price is abiding to the descending trendline resistance, signifying an overall bearish momentum. We can expect that price to potentially drop from pivot level in line with 78.6% Fibonacci projection and 50% Fibonacci retracement towards 1st Support in line with 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line is abiding to the descending trendline resistance.

Alternative Scenario:
Alternatively, price could push higher up to the 1st Resistance in line with 61.8% Fibonacci retracement and 127.2% Fibonacci projection.

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