Trend Direction: Bullish.
Trend Reversal Level: 1.2500
Key Support Levels: 1.2890, 1.2800, 1.2760, 1.2700
Key Resistance Levels: 1.3000, 1.3100
Entry Strategy: Buying dips in an uptrend while market trades above our trend reversal level.
Trade Suggestion: This pair on a technical basis is trading above minor bullish channel resistance line and now pulling back after it tested twice 1.3000 giving us a double top as well. Yesterday prices went as high as 1.2930 and did not sustain above key level 1.3000, which is bit of a concern.
Now we are seeing a pull back on this pair after a failure to trade above 1.3000 level, however this pair might find key support at 1.2800 level, which is a support from minor bullish channel and fib level as well. As on conservative basis we look to go long at 1.2800 levels after that we need price to hold at that level, targeting 1.3100, 1.3300 followed by 1.3500.
Aggressive trade is to go long after the break above 1.2900 targeting 1.3000.
Note: 1.3100 is a significant key level for this pair.
Alternate Scenario: Consider going short if prices break below 1.2800 key support area targeting 1.2760. 1.2700 followed by 1.2500