The pair is trading in a descending channel on the 4 hour chart.
In the 1 hour chart, the price attempted to break the 38.2% Fibonacci support level at 120.10 but failed .
At the time of writing this analysis the price is now at 120.20, just above the 200 SMA on the 1 hour chart.
I think selling from these levels 120.20 or above until 120.46 would be a good idea.
Stop loss is above the upper line of the descending channel.
The target will be 119,26 then the bottom border of the ascending channel.
In case of a break and close below 120.14, the bearish signal will gain strength.
Good luck.
In the 1 hour chart, the price attempted to break the 38.2% Fibonacci support level at 120.10 but failed .
At the time of writing this analysis the price is now at 120.20, just above the 200 SMA on the 1 hour chart.
I think selling from these levels 120.20 or above until 120.46 would be a good idea.
Stop loss is above the upper line of the descending channel.
The target will be 119,26 then the bottom border of the ascending channel.
In case of a break and close below 120.14, the bearish signal will gain strength.
Good luck.