In daily chart, the price is stuck below the strong resistance: 50.0% Fibonacci retracement level of 1.29270 of the downleg from 1.3800 to 1.2060, which is acting as a major resistance barrier and holds near the 20 - day SMA (green line).
In case of further negative pressures, A successful close below 1.2800 support (red line) near the 40 – day SMA (yellow line) could push the price towards the 38.2% Fibonacci mark of 1.2727. A drop below the red line could open the door for the 1.2470 support, …
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