Preferred Case: On the H4, the overall price is bearish. In addition, the price is below the Ichimoku cloud, indicating a bear market. Price attempted but failed to break through the Pivot at 667.500 overnight. Price could potentially reverse up to the first resistance level at 6.900, where the 38.2% Fibonacci line is located.
Alternative scenario: If bearish momentum persists, expect price to continue falling towards the first support level at 6.310, where the larger 78.6% Fibonacci line is located.
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