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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