On the H4 time frame, prices are facing bearish pressure from the resistance zone at 1.2170, in line with the 50% Fibonacci retracement and 61.8% Fibonacci extension where we could see a further drop below this zone to the support zone at 1.1920. This support zone coincides with the graphical area and 100% Fibonacci extension. Failure to hold below the 1.2170 resistance zone could see prices push higher to the next resistance zone at 1.2280. Prices are holding below the Ichimoku cloud 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.