This week price has rejected its resistance level (also 0.5 fibonacci level) with a trendline and now is heading downwards. We have two possible scenarios here.
1) Price will reject its support level and will rise.
2) Price will break through its support level and will hit -0.272 fibonacci extension level.
I’d rather see the second scenario.
1) Price will reject its support level and will rise.
2) Price will break through its support level and will hit -0.272 fibonacci extension level.
I’d rather see the second scenario.