Short term view
The pair has been in a downtrend for 8 months. It took a support at the previous swing lows of 1.2317 and 1.2340. The pair held that support and shifted its mode to corrective rally. On the higher side, it has resistance at 1.2527 (50WSma). A weekly close above that will attract attention in the short term towards 1.2560, 1.26, and 1.2626 levels, may be even 1.2725.
Support 1.24 1.2340 1.2317
Resistance 1.2527 1.26 1.2725
The pair has been rejected thrice at 200DEma for 4 months. In early Asia's session, the pair approached the 200DEMA and started looking back. It has a strong resistance at 1.2510. A daily close is above 1.2510; we can see a huge run towards the 1.2560, 1.2571, and 1.2626 levels.
The material has been provided by InstaForex Company - www.instaforex.com
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