With this in mind I have zoomed in on the 4 hour chart to produce the above chart. Price had been consolidating within a formation after touching a longer term fibonacci level, we then witnessed price break below this formation after forming connective lower highs. The previous lower high formed on a retracment of this alongside the 50% fib level and 50ema (highlighted) a candle formed from these levels.
I know believe price could descend further, targeting 120.685. I will be looking for entry on the previous low based on the hourly chart and will update accordingly on Instagram!