On the H4 time frame, prices are facing bearish pressure from its resistance zone at 1.2280 in line with the 78.6% Fibonacci retracement and a pullback to this zone presents an opportunity to play a further drop to the next support target at 1.2030. This support target lines up with the 50% Fibonacci retracement. Stochastic is facing bearish pressure from its resistance at 94.92 as well, in line with our bearish bias.