The pair dropped sharply following the Federal Reserve meeting and Janet Yellen’s statements yesterday, where the pair broke 1.2360 and stabilized below it and is trading again within the descending channel showing on graph.

Breaking 1.2280 and stabilizing below it extends the bearish wave to target 1.2200 and 1.2165 and 1.2110. Breaching 1.2485 activates the positive expectations to target 1.2565 and 1.2635, according to that, negative expectations below 1.2280 and positive above 1.2485.

SUPPORT. 1.2086 – 1.2184 – 1.2198

RESISTANCE. 1.2380 – 1.2436 – 1.2510