On the H4 time frame, prices are testing a key resistance area at 1.2940 in line with the 23.6% Fibonacci extension as well as the 50% Fibonacci retracement. We could see further downside in prices, with 1.2320 as our support target, which coincides with the 100% Fibonacci retracement . Ichimoku cloud is also showing signs of bearish momentum, in line with our bearish bias.