The market has recently retraced into the entry zone, encountering rejection at the resistance level on two occasions. This inability to breach the resistance suggests a potential shift in the current trend towards a downtrend. Furthermore, the presence of a descending trendline, acting as both support and resistance, consistently impedes the price's upward momentum.
I anticipate the market is now poised to revisit recent support levels, unless significant shifts in direction are prompted by upcoming news events. The recent false breakout within the 2350-2360 range indicates a lack of bullish strength to drive the price to new highs. Consequently, I expect a downward movement that may potentially breach the lows of the previous week.
My target objective is to reach the support level around 2310.