Starting from the monthly chart I can see that is touching an important resistance level, so I'm expecting some type of reversal. Passing on to the daily chart, we can agree that since the 22 of April the price slowed down significantly till now that has stopped at the 1.22600 price level, so this would be another sign that it can short. At the 4 hour chart I can see that it broke and now is retesting a trend line lining up with a fib zone (50% and 68.80%). All of these correlations brings me to the conclusion that we could see a drop to the 1.20000 price levels.
Trade closed: target reached:
T.P hitted.