The price action recently broke down from the ascending channel following the reversal from the resistance area (in red). The transition from the preceding uptrend into a new downtrend is happening in an expected manner: dropdowns being followed by pullbacks.
Currently, the price action is probing the 23.6 per cent Fibonacci retracement level at 130.609. If it manages to penetrate below it, the new downtrend would then likely head towards the 38.2 per cent Fibonacci at 129.995. The latter's significance is further bolstered by its close proximity to the psychologically significant threshold at 130.00.
Currently, the price action is probing the 23.6 per cent Fibonacci retracement level at 130.609. If it manages to penetrate below it, the new downtrend would then likely head towards the 38.2 per cent Fibonacci at 129.995. The latter's significance is further bolstered by its close proximity to the psychologically significant threshold at 130.00.
