On the H1 time frame, prices are facing bearish pressure from the resistance at 0.6680, in line with the descending channel, 23.6% Fibonacci retracement and M15 supply zone. A pullback to the resistance zone at 0.6680 presents an opportunity to play the drop to the next support target at 0.6630, which coincides with the graphical resistance-turned-support level and Fibonacci confluence levels. Ichimoku cloud is showing signs of bearish pressure as well, supporting the bearish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.