Priced broke downwards out of the wedge pattern, signifying a bearish signal. We can expect price to drop down from the pivot level in line with the ascending trendline resistance and 23.6% Fibonacci retracement towards the take profit level in line with 127.2% Fibonacci retracement , 200% FIbonacci projection and weekly overlap support. Our bearish bias is further supported by price holding below the 50period MA and the MACD indicator showing signal line crossed over the MACD line.
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