Price is testing our first resistance at 1.1270 (horizontal pullback resistance, 100% fibonacci extension, 38.2%, 50% fibonacci retracement, short term descending resistance line) where a strong drop might occur pushing price down to our major support at 1.1223 (horizontal swing low support, 76.4% fibonacci retracement). Stochastic (34,5,3) is also approaching resistance where we might see a corresonding drop at this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.