The previous episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 before it was broken to the downside.
On the other hand, Buying Pressure existed around 1.1950 and 1.1990, resulting in two successive upside movements towards 1.2175 and 1.2250.
Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement towards 1.2040.
The price zone of (1.2040 down to 1.1990) corresponds to the previous Weekly Low which provided some temporary buying pressure.
However, this recent short-term upside movement has shown lack of sufficient buying momentum. Hence, upcoming downside movement is highly expected.
Trade Recommendations:
Intraday traders were advised to have another SELL Entry upon a break to the downside below 1.1990. Now, Stop Loss level can be lowered to 1.1930 to offset the associated risk.
Initial Target levels would be located around 1.1840 and 1.1780.