Fibonacci extension (high;1.2360/low;7.2080) matches level 1.618 with previous high at the top of a symmetric triangle. A strong resistance level stands at 1.2590 ( within 1.618% fib extension) which can be viewed as a stop lost for a bearish counter trend.
the Elliott wave theory also shows a corrective wave which should start in the sell zone as described above.
A target can be set at the critical resistance turn support level around 1.2360.
the Elliott wave theory also shows a corrective wave which should start in the sell zone as described above.
A target can be set at the critical resistance turn support level around 1.2360.
