On the H4 time frame, prices are approaching the resistance zone at 1.2420, in line with the graphical resistance zone, 78.6% Fibonacci retracement and descending channel’s resistance. We could see a reversal below this zone to the support zone at 1.2280, which coincides with the graphical support and 23.6% Fibonacci retracement. Stochastic is showing a bearish divergence and exited its overbought region which supports the bearish bias.
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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.