Hello traders, I hope you're doing well.
Apparently a downward channel is being formed, as suggested by the grey polyline. After testing again the resistance at 1381 EUR, we might expect a retracement up to the area signaled by the purple rectangle (Fib 0,618 and 0,50). As you can notice, KDJ signals overbought, momentum is decreasing, and MACD histogram has reached its first threshold (signaled by a green dotted line).
If 1341 EUR is surpassed, my expectation is that the next support would be, naturally, 1314 EUR and 1300 EUR. Now, if that support is trespassed, price would keep sinking up to 1287 EUR, which is a support based on a Fib retracement taken from ATH to 1210 EUR, which is the breaking point from the main support (ie. flat top triangle).
Apparently a downward channel is being formed, as suggested by the grey polyline. After testing again the resistance at 1381 EUR, we might expect a retracement up to the area signaled by the purple rectangle (Fib 0,618 and 0,50). As you can notice, KDJ signals overbought, momentum is decreasing, and MACD histogram has reached its first threshold (signaled by a green dotted line).
If 1341 EUR is surpassed, my expectation is that the next support would be, naturally, 1314 EUR and 1300 EUR. Now, if that support is trespassed, price would keep sinking up to 1287 EUR, which is a support based on a Fib retracement taken from ATH to 1210 EUR, which is the breaking point from the main support (ie. flat top triangle).