The UK PMI data came better than expected but today Construction PMI came lower than expected.
The support rests at 1.21500 with resistance at 1.23060 which both lines are below the weekly pivot point at 1.23550. The EMA of 10 is moving with bearish bias in the descendant channel and it is below the EMA 200 and the EMA of 100. The RSI is growing towards 50 level and the Stochastic is showing downward momentum. The MACD line is on the signal line in the neutral territory. The ADX is showing sell signal.
Short positions are recommended towards 1.22000.