The price is moving in a falling channel on the 4 hour chart. Today, the price tested the upper limit of this bearish channel before returning and bouncing down.
On the 1 hour chart, we notice the beginning of the reversal pattern double tops with the neckline at 1,2451.
The breach of this level and the closing below it is a condition for further decline towards the next support level 1,2337 then 1,2253.
In the event that the resistance level of 1,2534 is breached and closed above it, it will signal a rise towards the resistance levels 1,2671 then 1,2780.
On the 1 hour chart, we notice the beginning of the reversal pattern double tops with the neckline at 1,2451.
The breach of this level and the closing below it is a condition for further decline towards the next support level 1,2337 then 1,2253.
In the event that the resistance level of 1,2534 is breached and closed above it, it will signal a rise towards the resistance levels 1,2671 then 1,2780.