The pair is trading @ 1.2171 falling for the third consecutive day; we are approaching again the low of few days ago that is also the low of the last 8 and 1/2 years if I am not wrong. Probably a good correction is needed before bet on the violation of 1.2000, fresh money are needed for the bears to go further. Probably the double low at 1.2170 area will be the start for a good correction to 1.2800 area? well it may happen.
Technically the pair is trading on the lower band of bollinger; The RSI is @ 29.6 and the ADX is 49.88; looking at the 4 hours chart I would bet on a correction to 1.3000 area.
The trend to be clear is bearish but I think that there will be more pips on a possible correction than in a continuation of the trend.
here are some support and resistances:
S3 1.1870; S2 1.2048; S1 1.2108; R1 1.2286; R2 1.2404; R3 1.2582
my plan is to close yesterday short position and to go long 1x unit;
we may close it @ 1.2230 so few pips, or we may risk for a serious correction.
let's see tomorrow evolution.
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