The previous price action formed a bearish Gartley harmonic pattern on the weekly time frame. Price action has broken the 38.20% retracement level and is heading to the 50% retracement level at 1208.99. If it breaks that level that price will head further to the 61.8% retracement level at 1188.79.
This past week price definitively broke the diagonal trend line and is approaching strong support at 1208 which coincides with the
50% fib retrancement form the harmonic analysis.
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