The pair has been in a downtrend from 1.2769 levels. It is trading below the short- and medium-term moving averages on a bearish note. The pair made a double bottom at 1.2426 levels. In the daily charts RSI is favoring bulls. The pair is facing strong resistance at the 23.6 fib level (1.2806-1.2426). Once the pair crosses the 1.2515 (923.6 fib) levels, it will shoot up to 1.2569 (200EMA & 38.6 fib level) and 1.2616 (50SMA & 50.0fib level). For positional traders, we recommend, one can enter longs above the 23.6 fib level or in a dip. The up move has just started. At least, in the case of fall, we can expect 1.24-1.23 levels in the coming trading days.
Weekly basis
The pair is facing strong resistance at 1.2525 (50SMA) in the H4 chart. Once it crosses above the 1.2525 levels, the pair will move to 1.2562, 1.2591 (200EMA), and 1.2626 (April 04 high) levels. On the down side, 1.2481, 1.2441, and 1.2426 are the support levels. The bulls are back on track completely only above 1.2626 for new high's.
S1 1.2481 R1 1.2524
S2 1.2441 R2 1.2591
