Bearish Momentum

Key Levels:
Resistance: 1.05355
Pivot: 1.05125
Support: 1.04285

Preferred Case:
On the H4, with price moving below the ichimoku cloud and within a descending channel , we have a bearish bias that price will rise and drop from the pivot at 1.05125 in line with the pullback resistance and 23.6% fibonacci retracement to the 1st support at 1.04285 where the swing low support and 78.6% fibonacci projection are.

Alternative Scenario:
Alternatively, price may break pivot structure and head to the 1st resistance at 1.05355 where the pullback resistance, 50% fibonacci retracement and 23.6% fibonacci retracement are.

Due to ECB President Lagarde stating that it was unlikely the Euro zone could go back to an environment of low inflation , we have a strong bearish bias towards Euro .