As it can be observed from the graph, the price has been declining for quite some time and is currently sitting on a crucial area of support. After impulsive moves, a correctional phase should kick in. Therefore, we are monitoring the local area for entering short-term long positions and benefiting from the possible upcoming retracement. Our initial target is set at the 50% Fibonacci retracement level. However, the price may even push beyond that zone. We will monitor the development of the price and see how far it can rise before reversing and continuing the downtrend
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