First,we notice a formation of LL & LH which is a notification of a downtrend.The major support was broken and now its resistance
also there is a trendline acting as resistance zone .On the 4H chart we see clearly what is happening-rejection of the Fibonacci at the 0.50.We have inserted an indicator which acts as a dynamic resistance(red)
also there is a trendline acting as resistance zone .On the 4H chart we see clearly what is happening-rejection of the Fibonacci at the 0.50.We have inserted an indicator which acts as a dynamic resistance(red)