After not being able to remain above the sideways moving range after a massive bullish breakout, the price dropped below the crucial level of resistance and retested it. As it can be inferred, 50% Fibonacci retracement level acts as a confluence as well. A downtrending trendline has been formed on the lower timeframes and the price is nicely rejecting it. We are expecting for the price to keep dropping and reach the area of 1.118 support.
Happy trading, everyone!
Happy trading, everyone!