As it can be inferred from the chart, the price has nicely rejected the area of strong resistance identified on the graph. More downside movement is possible, therefore we are monitoring the price action for SELL positions and setting our target at the area of previous resistance turned support which aligns with 0.618 Fibonacci retracement level
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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.