Current price: 1.2478
Key point: 1.2500
Our preferred direction: Sell positions below 1.2500 levels with 1.2375 as a first target and then 1.2325 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 1.2500 level, targeting the 1.2600 levels.
Technical commentary
The pair is still moving in a downward direction on the four-hour frame and below the resistance levels of 1.2520-1.2500, so it is expected to continue falling to the levels of 1.2375.
If the price rises and remains above the 1.2500-1.2520 levels, the pair will head towards the 1.2600 levels.
