POC inside a bearish pennant comes in 120.80-121.00 and if the price stays inside the pennant we might see another rejection towards 119.80 and eventually 118.60. Only H4 close below 118.60 or momentum breakout with stop grabbers will target for a retest of 118.15 and if the price breaks 118.15 it might proceed towards 116.12.
Have in mind that the pair is also bought on DIPS so x cross confluence around 119.00 might attract buyers. If the pair breaks and closes above 121.65 it will negate the pennant.
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