The price has made a bearish channel exit with its profit target potential at 119.15 (Fibonacci extension, Fibonacci retracement). Our aim is to sell below the 120.35 resistance (Fibonacci retracement, horizontal pullback resistance) for a further push down to that level.
The MACD is in a strong bearish configuration signalling that further bearish movement is expected.
Sell below 120.35. Stop loss at 120.74. Take profit at 119.15.
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