Price is following a downtrend making lower lows & highs. Price has now made a new lower high retesting previous support as new potential resistance, which aligns with the 50 fibonacci retracement. If this key region holds as resistance, we can see price continue the overall downtrend for a new potential lower low into key level support.
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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.