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P0720 1998 bmw 740il where is the sensor located?

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Where is the sensor on the transmission located? 1998 bmw 740il e38

I have PO720 code, and transmission fail safe mode. vehicle does not drive well at all, and we are leaving it parked.

How do I diagnose this? I hoping that It is a sensor malfunction.

Vehicle: 1998 bmw 740il e38

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