Key Indicators
Momentum indicators favour downside over upside, increasing the appeal of further downside.
A confirmed double top at 1.2260 says the short-term regime is now bearish/corrective.
The currency pair remains bearish on the 1 and 4-hour timeframes. The trend, momentum, and market structure all favor sellers. Until buyers can reclaim the 1.2260 resistance area, the probability continues to favor downside continuation toward lower liquidity zones.