Bearish Drop

Key Levels:
Resistance: 8.340
Pivot: 7.675
Support: 7.365

Preferred Case:
On the H4, price has bounced off the 127.2% extension levels forming a triple bottom. We have a bullish bias that the price may rise from the pivot at 7.675, which is in line with the 50% fibonacci retracement to 1st resistance at 8.340, where the 61.8% projection, 38.2% retracement and overlap resistance sits.

Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 7.365, where the previous swing low, 78.6% projection and 127.2% extension sits

No major news.