Type:
Bearish Drop
Key Levels:
Resistance: 3.4665
Pivot: 3.4325
Support: 3.3815
Preferred Case:
On the H4, with the price is moving below ichimoku cloud and descending trendline, we have a bearish bias that the price may drop from the pivot at 3.4325, which is in line with the 61.8% fibonacci retracement and 78.6%$ fibonacci projection to the 1st support at 3.3815, which is in line with the swing low.
Alternative Scenario:
Alternatively, price could pullback and rise to 1st resistance at 3.4665 where the previous swing highs are.
Fundamentals:
No major news.
Source: Tickmill