Price is consolidating and reacting below upper resistance of the Descending price channel. Furthermore Price is also holding below the 1st resistance at 83.423 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension. Price may bearish from 1st resistance at 83.423 in line with 38.2% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 82.508 in line with -27.2% Fibonacci retracement , 61.8% Fibonacci extension and a possible completion of wave 4 of an Elliot wave structure which happened to be in line with 50% of Fibonacci retracement of Wave 3 of the possible Elliot wave structure. In addition, our bearish bias is further supported by how the Price is holding below the EMA, the Ichimoku cloud and RSI is abiding to a descending trendline. Otherwise Price may bullish towards 2nd resistance at 83.959 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension.
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