This is a possible scenario that could play out as long as the 50 ema holds on the 4hour we are still on downtrend and making new Lower low. If you take out your fibs you would see that on that 4hour resistance is also a 38.2 fib. The best place to buy could be on target 1 or 2 only if there is any reversal signs on the candle sticks, I would take profit on the...
The last trade was not valid for this pair but on the daily timeframe we could see a sell off to take out stops. I expect it to test the 61.8 retracement if the trendline hold and the weekly support, I left the fibs on so that you could see the zones and the areas of value.