Bearish Drop

Key Levels:

Preferred Case:
On the H4, the overall trend is still descending and respecting the ichimoku indicator hence we are bearish bias. The price is forming a shoulder head pattern hence price might drop from the pivot at 7.630, which is in line with the 50% fibonacci retracement and the neckline of the head shoulder pattern to the 1st support at 7.035, where the 100% projection , 161.8% extension sits.

Alternative Scenario:
Alternatively, the price could rise to the 1st resistance at 8.440, which is in line with the 61.8% fibonacci retracement and 38.2% fibonacci retracement

No major news.