On the H1 time frame, prices are facing bearish pressure from the resistance zone at 1.2230, in line with the 38.2% Fibonacci retracement and a pullback to this resistance zone presents an opportunity to play the drop to the support target at 1.2110. Stochastics is testing resistance at 95.66 as well where we could see further downside, in line with prices.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.