(CLICK ON THE CHART TO ENLARGE IT)
The break of the symmetrical triangle (yellow lines) on June 08th indicated so. On June 20th prices retraced to 1.2351 (38% fibo of up move 1.2165 to 1.2468), pulled back to next resistance at 1.2427 then retraced again to 61,8% fibo of same up move at 1.2280, which coincides with a major support. All indicators favour the short, but a break of the 1.2280 is needed to confirm it.
In the short-term the 04-hour chart favours a correction up by having its RSI at o/s levels. The 30-minute chart also favours a correction up, specially considering the strong bullish divergence at the RSI and MACD, and RSI above its EMA.
BUY break 1.2300 with target 1.2330
SELL break 1.2280 with target 1.2250
All with tight stops (10 to 15 pips)
