This pair has been in the slow lane on a one way road lower so far this week. At this point any pullback towards the trend line at 1.2250 could be considered a selling point. The cross is closing in on yearly price support at 1.2150. This level should put up a fight in the short-term. The recent Sell off in risk has been a product of weak data out of Asia. News will play a role once again this evening with the release of CNY GDP, Industrial Production and Retail Sales. This data could set the tone for a continuation or pullback of the current risk of environment.
Sup 1.2150
Res 1.2250
Plan: Looking to sell on any pullback towards the trend line at 1.2250.
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