A solid sell signal was formed by the end of yesterday’s trading session - bearish inside bar (marked by yellow tag on the chart). Given a very big scale of upswing we can expect downward correction by 50% of growth approximately. Strong pivot at this area is 1.2179-1.2210, which is a target of potential sell-offs.
Following consecutive lower highs of the structure we can also draw a clear-cut conclusion over bearish accumulation of the market. Right now a corrective upswing is being formed, which will be completed presumably at the 1.2365 level.
Intraday target of decline will be at 1.2233 level.
Upward pullback to the 1.2365 level and then decline in direction of support 1.2233.
Shorts from 1.2365 to 1.2233.