The pair trades below the strong resistance level of 1.2600. The upward move would extend should the price break through the barrier on expectations of further interest rate hikes by the Fed.
Technical picture:
The price is above the middle Bollinger band, the SMA 5, and the SMA 14. The RSI is below the overbought zone and is reversing upward. The Stochastic indicator signals the weakening of the pair.
Outlook:
The quote could go up to 1.2705 in case of growth and consolidation above 1.2600.
