The pair has been in a downtrend from the 1.2769 level. The pair has kept correcting for the last 5 days. It has erased all its gains this week. In Asia's trading session, the pair is trading at 1.2607. It is trading near the strong support levels. Multiple supports March 2014, at 1.26, 1.25798 (200EMA), and 1.2560 levels. A move below the level of 1.2560, make real problems for bulls towards the lower purple line or 1.2427 (December 10, 2013 low). On the upside, if the pair trades above the red trend line, it will fly up to 1.2650 and1.2666. The real strength of bulls will come back once the pair trades above the level of 1.2666 (50SMA).
In the H4 chart, stochastics is giving a positive divergence. It means we can see some pullback from the current levels at 1.26 or 1.2588 or even lower at 1.2560. If the pair breaks the resistance line (red), it will fly up to 1.2654 and 1.2667. We can see a real strength above the level of 1.2667 (50SMA) towards 1.27, 1.2725, and 1.2770 levels.
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