The pair tested the long-term bearish trend line resistance and failed to break and close above.
1.2000 horizontal resistance is likely to be unbreakable when considering the current balance sheet sizes of ECB and the FED and the possible expansion of the ECB. ( December 2020 )
Note: When we compare the balance sheet sizes, it is remarkable that the European Central Bank is gradually accelerating while the Fed slows down its growth in the 3rd quarter of 2020.
The decline is to be accelerated by the breakout of 1.18200.