EURUSD approaching resistance, further potential drop!

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EURUSD is approaching our first resistance at 1.2221 (horizontal pullback resistance) and a strong reaction might occur below this level, pushing price down to our major support at 1.2154 (horizontal swing low support, 38.2% Fibonacci retracement, 100% Fibonacci extension). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.

RSI (55) is also seeing a bearish exit and might be a good precursor for a further potential drop in price.

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