EURUSD H4: Bearish outlook seen, further downside below 0.9920

On the H4 time frame, prices are facing bearish pressure from the resistance zone at 0.9920 which coincides with the 78.6% Fibonacci retracement and 100% Fibonacci extension. A pullback to the 0.9920 resistance zone presents an opportunity to play the drop to the support target at 0.9750, in line with the graphical support and Fibonacci confluence levels. Stochastic is approaching resistance as well at 86.62 where we could see a reversal below this level, in line with prices.