On the H4 time frame, prices are facing bearish pressure from the resistance at 1687.00, in line with the descending trendline and Fibonacci confluence levels where we could see a further downside below this zone to the support zone at 1651.00. This support zone lines up with the graphical support and 50% Fibonacci retracement. Stochastic is testing resistance at 95.72 as well where we could see further downside below this level.
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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.