The price is attempting to break above the upper boundary of the descending channel. A successful breakthrough of this resistance level would push the price towards the strong resistance level at 2.36 and the 200 EMA. However, there is a bearish scenario where the price bounces down from the upper boundary of the channel, indicating a continuation of the downward 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.