4 Hourly Chart
Downward Sloping Channel has been formed and confirmed with recent price action. Rally last week has failed to test Channel Top and failed to bring price remotely close to 1.25 levels, which was the support before the sell-off found in early November.
Currently price is sitting just around 1.23, with a break below opening up 1.21 (Channel Bottom) for support, with interim support found around 1.22.
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