On the H4 time frame, prices are facing bearish pressure from the resistance zone at 1.3680, in line with the descending channel’s resistance and Fibonacci confluence levels where we could see further downside to the support zone at 1.3420. This support zone coincides with the graphical low, descending channel’s support and 78.6% Fibonacci extension level. Stochastic is approaching resistance at 96.94 as well where we could see a reversal below this level, in line with 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.