The price is currently in a strong position, retesting a key resistance zone, which aligns with the 50% Fibonacci retracement level. Additionally, the 200 EMA is acting as dynamic resistance, reinforcing the bearish bias. Given these confluences, a downside move is anticipated, in line with the prevailing trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.