The price has reached a key level of resistance and we are now expecting for the price to consolidate before further downside movements take place. We have used the Fibonacci retracement tool to identify the level of 50% Fib retracement that aligns nicely with a level of previous resistance now turned support. We will patiently wait for a nice top to form, before we open short positions and aim for the downside!
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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.