The pair has overcome the lower level of support
Judging by the majority of technical indicators, we have seen a downward trend. And the published data from Germany, based on this statistics, had been worse than expected.
Considering that our pair has broken through the resistance level, its further target is likely to be the level of 1.22 and 1.2170.
The trend indicator RSI is directed downwards, and Stochastic is trying to go into the oversold zone and also points to the sale. Also, when drawing MA (20), we can observe that at this level (4-hour chart) there is a resistance level. Therefore, we advice to occupy short positions and go on the turn, only in case of overcoming the moving average.
Considering that our pair has broken through the resistance level, its further target is likely to be the level of 1.22 and 1.2170.
The trend indicator RSI is directed downwards, and Stochastic is trying to go into the oversold zone and also points to the sale. Also, when drawing MA (20), we can observe that at this level (4-hour chart) there is a resistance level. Therefore, we advice to occupy short positions and go on the turn, only in case of overcoming the moving average.
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