Power Course Instructor’s Response:
You clearly have a good understanding of the Fibonacci tool. Your thought about going to an hourly chart to look for entries is sound as well.
Keep in mind, however, the we do not want to lose sight of the overall trend. Since the pair is in a downtrend, we would want to look for a continuation of that bearish tendency that it has been showing...see the chart below.
Think about drawing the Fib line as it is on the chart below. That way we can look for a continuation in the direction of the prevailing trend.
None of the above is to say the pair might not begin to build higher highs and higher lows and begin a bullish move at some point. But right now the higher probability trades will be short.
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