The same holds for H1 as well (see )
A bar closing under that would probably lead way to a further continuation downwards,
The trend has been short for a bit now as you can see on both H4
and on D1
So, in case the price finally breaks above-mentioned Fibonacci level, we will be looking at a retracement up to 1.05138 (which is a stronger Fibonacci level on D1 as can be seen in the D1 chart).
This latter case is the more probable, as the price is not expected to extend further again to hit the head on the .
Whatever of these three scenarios, we will want to look the signal to enter short and follow the trend.
Prices refer to this chart and may vary with other platform/brokers.
I always discuss and follow up these ideas on my blog (find link in my profile).
Will have to wait for a possible bounce on the trendline before triggering the SHORT order here.