The pair gave an upside breakout from the 3-year descending trend line on the previous week. This week, the pair is showing good strength trying to breach a 14-month another trend line. The pair has the nearest resistance existed at 1.2769 61.8 fib level above this, it can extend its rally up to 1.2835-1.2838 and 1.2950 in a couple of weeks. The pair has strong support at 1.2670 below this, 1.2564 is strong support in the short-term view. Fresh buyers can buy only above the blue trend line.
For an intraday view, the prices are closed and trading above the 12ema and 35DEMA. The pair has support at 1.27, only below this the pair turns to bearish on an hourly basis. Sustaining above 1.2745, we can see 1.28-1.2805 today.
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