Preference short positions below 1.1720 with targets at 1.0450 & 0.9600 in extension.
Above 1.1720 look for further upside with 1.2300 & 1.2850 as targets.
The pair has broken below a rising trend line in place since 2005 and then posted a pull back on the resistance at 1.1720 before validating a bearish flag. Next targets are set at 1.0450 and 0.96 in extension.