Downswing renewed local lows yesterday having settled below support 1.2311-1.2334. Thus today the 1.2251 level might be attacked and in case of a break the quotes might slump by almost 200 points to 1.2075.
Downward structure has the form of a perfect downtrend allowing to go short after each upward correction. The recent touch of round level 1.2300 again revealed the presence of sellers’ activity, therefore now it’s reasonable to expect a break of the closest low (1.2251) and following movement to the next psychological level 1.2200.
Decline to 1.2251 and 1.2200.
Shorts to 1.2251 and 1.2200.