After losing the key support mentioned in the previous report at 1.2340, see how the pair declined below 1.2300 and opened ways to 1.2165....
But remember , last Friday we had bullish breakout on daily chart at 1.2400 , this week the pair failed to maintain its move above 1.2400 ,and declined probably to get more momentum to continue its way up?!
Keep in mind as long as we have daily closing above 1.2165 , we have high opportunity to resume the upward move any moment , but in return losing 1.2165 with daily closing - weekly better - below this level may lead for strong bearish move toward 1.2000/1.1885 zones !!!
On the 4 hour chart , RSI showed that there's no enough momentum to resume the upward move, RSI now is approaching from oversold area , so we may witness pullback very soon !!
The last point is Williams on the 4 hour chart suggested bearish breakout at 1.2297 - resistance - the breakout is valid as long as 1.2357 holds , a clear break above this level might test 1.2443 zones !!!
Resistance : 1.2300 ,1.2360 , 1.2400 , 1.2440 , 1.2500
Support : 1.2270 ,1.2230 , 1.2200 , 1.2165 , 1.2130
Recommendations: Buying the pair around 1.2200 , targeting 1.2350 & 1.2500 , stop loss 1.2100