A clear breach of 23.6% Fibonacci as seen on the daily chart, pushing it to further decline to test 38.2% around 1275 as the first target, which breached it may press the price to turn to the next support around 1250 – 1240 … The price may need to retest 1300 – 1302 to gather enough bearish momentum due to the oversold signals appearing on the Stochastic and RSI indicators.
A return to the highest of 1326 might be enough to end the current correction and it is possible that the price will resume its bullish trend to face 1345 again as the first target, which could push the pair to the next resistance at 1365.
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