I am using a 3 hour timeframe this time in order to highlight the fact that pair moved significantly low within
a very short period of time.
However, the important part is that the price move switched the path from being above the MA30 to moving below it. A retracement is expected even if the significant market move downwards took place on 3rd Feb.
In order for the retracement to take place the resistance level 1.207 must break. Otherwise, it might not even take place at all.
The Fibonacci tool in this chart is not entirely the correct one to use. As per the indication, The retracement would be at least at the 61.8% level, at 1.2105.
Looking at the H4 timeframe, the Fibo levels signal that retracement might even reach to 1.215.
The absence of important news and figure releases might help this retracement/reversal. #OPINIONLEADER#
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