Price is abiding to descending trendline resistance, signifying bearish momentum. We can now expect price to drop from the pivot level in line with 78.6% Fibonacci projection towards the 1st Support in line with 78.6% Fibonacci projection.

Alternative Scenario:

Alternatively, price could push up to the 1st resistance in line with 61.8% Fibonacci retracement .

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.