On the H4 time frame, prices are approaching the resistance zone at 1.0820, which coincides with the 61.8% Fibonacci retracement and 127.2% Fibonacci extension. A pullback to this zone presents an opportunity to play the drop to the support zone at 1.0600, which lines up with the graphical support zone and Fibonacci confluence levels. Stochastic is in the overbought region as well with the faster stochastic holding below the slower stochastic, 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.