Monday's failure just ahead of the 200DMA triggered a deep pullback

Our 1.2417 short play is on-side and stop lowered to 1.2440

Monday's high 1.2428 and 200DMA at 1.2435

A 38.2% Fibo also in the resistance mix at 1.2461

To the downside the daily cloud base and 50DMA, 1.2300 and 1.2294

Fourteen day momentum still reflecting the recent rally

Daily RSI has peaked and is falling

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