Bearish Reversal

Key Levels:
Resistance: 1.23403
Pivot: 1.22834
Support: 1.22023

Preferred Case:

Price is abiding to the descending trendline resistance, signifying bearish momentum. We can expect price to drop from pivot level in line with 50% Fibonacci retracement and 127.2% Fibonacci projection towards 1st Support in line with 127.2% Fibonacci extension.

Alternative Scenario:

Alternatively, price can push up to 1st Resistance in line with 78.6% Fibonacci retracement.