On the H4 time frame, prices are testing the resistance zone at 1.2450. A break below the downside confirmation level at 1.2250, which is also the support zone that coincides with the Fibonacci confluence levels could provide the bearish acceleration to the 1.2100 demand area. Stochastic is facing bearish pressure from its resistance as well where we could see a further drop in prices.
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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.