Overall trend is bearish in the higher timeframes which insinuates there is a lot of selling power. Price has already broken through 111.623 level which was acting as support and retraced back up to this level which also happens to be 50% from the previous swing high at A. Therefore there is a high possibility of us seeing price reject the 111.623 level and continuing downwardstowards the new target.
Overall trend is bearish in the higher timeframes which insinuates there is a lot of selling power. Price has already broken through 111.623 level which was acting as support and retraced back up to this level which also happens to be 50% from the previous swing high at A. Therefore there is a high possibility of us seeing price reject the 111.623 level and continuing downwardstowards the new target.