Looking at the 4-hours chart, the pair started a short term recovery from the 1.2475 support. It climbed above the 1.2500, 1.2560 and 1.2600 resistance levels. There was also a break above the 38.2% fibonacci retracement level of the last decline from the 1.2839 high to 1.2476 low.
However, the pair is facing a solid resistance near the 1.2675 and 1.2700 levels plus the 100 simple moving average (red, 4-hours). More importantly, there are two important bearish trend lines in place with resistance near 1.2700.
Therefore, it won’t be easy for buyers to clear the 1.2700 hurdle in the short term. Above 1.2700, the pair is likely to move into a positive zone and it could climb towards 1.2800 or even 1.2850.
On the downside, the 1.2560 level is an initial support, below which there is a risk of more losses towards 1.2500 or 1.2475.
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