EURUSD testing its resistance, potential to drop further!

EURUSD testing its resistance at 1.2264 (horizontal overlap resistance, breakout level) where it could potentially fall to its 1st support at 1.2198 (100% Fibonacci extension, 61.8% Fibonacci extension). If it breaks this support, it could fall to its next support at 1.2160 (horizontal swing low support). We have also identified 2 other resistances at 1.2292 and 1.2354 (horizontal overlap resistance)

RSI (89, 5, 3) show a descending channel which contributes to our bearish bias.