The pair returned to trade above the support for the previously breached rising wedge and above the resistance for the medium term bullish channel. We return to the bullish scenario once again, but in return signs of a minor bearish technical pattern are seen with the neckline at 1.2875; representing the breached resistance that has currently turned into support. Conflicting signs are seen and werecommend observing upcoming trading especially around the support at 1.2875 and resistance at 1.2930.
The trading range for today is among the key support at 1.2730 and the key resistance at 1.3030.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
Weekly ReportSupport1.2875 1.2840 1.2780 1.2730 1.2680Resistance1.2925 1.29851.30301.3090 1.3165RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.