EURUSD has broken our strong ascending support, potential drop!

EURUSD has broken our long term ascending support along with falling below our ichimoku cloud. These are all strong signs of a potential drop from here. However, we're seeing major support at 1.2230 which is our 38.2% Fibonacci retracement, 50% Fibonacci retracement, 100% Extension and horizontal swing low support. This level would need to be broken to trigger a potential drop to our next major level of support at 1.2074.

It is nice to see RSI also facing good downside pressure and similarly breaking our of our ascending support-turned-resistance line.