On the H1 time frame, prices are testing the supply zone at 1.2220, in line with the graphical resistance zone and 61.8% Fibonacci retracement where we could see a further downside below this zone to the support zone at 1.1950. A break below the downside confirmation level at 1.2100 could provide the bearish acceleration for a further downside to the support zone at 1.1950. Stochastic is facing bearish pressure from resistance as well.
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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.