On the H1 time frame, prices are approaching the resistance zone at 0.97600, in line with the 23.6% Fibonacci retracement and 100% Fibonacci extension. This resistance zone is also a M30 supply zone that coincides with the descending trend channel’s resistance. A pullback to this resistance zone at 0.97600 presents an opportunity to play the drop to the next support zone at 0.96400. This support zone is also the M30 demand zone and 78.6% Fibonacci retracement level. Stochastic is approaching resistance as well, in line with prices. Prices are also holding below the Ichimoku cloud, 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.