On H4, the pair renewed the previous high, tested the psychological resistance level of 1.2000, and started correcting after a divergence on the MACD. By now, the quotations have reached 23.6% Fibo of the last wave of growth. Further declining will be aimed at 38.2% (1.1690), 50.0% (1.1590), and 61.8% (1.1490). A breakaway of the resistance line and the high at 1.2011 will let the quotations rise to the long-term level of 76.0% (1.2095).
On H1, there is a local pullback after a short-term divergence. The pullback reached 23.6% Fibo but may proceed to 38.2% (1.1869) and 50.0% (1.1896). A breakaway of the local low at 1.1781 will let the quotations go down to 38.2% (1.1690).
On H4, the quotations remain in a sideways flat after a wave of growth. The quotations keep moving between 50.0% and 61.8% Fibo, trying to test 38.2% (107.06). If the market manages to test and break through this level, the next movement will aim at breaking away 50.05% (107.94) and 61.8% (108.83). A breakaway of the fractal support at 104.18 will open the pathway to the long-term level of 76.0% (103.70).
On H1, the wave of growth in the flat ends in a divergence and forms a consolidating Triangle that may transform into a wave of correctional decline to 76.0% (104.87) and then to the fractal low of 104.18.
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