Current price: 1.2625

Key point: 1.2520

Our preferred direction: buy positions at the highest levels of 1.2520, targeting 1.2720 as the first target, then 1.2770 as the second target.

Alternative scenario: Stop loss and change the trend by breaking the 1.2520 level, targeting 1.2450 levels.

Technical commentary
The pair rose strongly during the end of last week’s trading from the support levels 1.2500-1.2520 and from the Harmonic Gartley pattern, so that it is expected to continue rising to the 1.2770 levels in the event of a breach of the 1.2640 levels.
However, in the event of a rebound from these levels and breaching the 1.2560 levels, the pair will head down to the 1.2500 levels, then the 1.2450 levels.