Despite the recent highs in the pair, the prices still have to break through and remain above the resistance levels at 1.2980 and 1.3020 in order to confirm the continuation of the rise.
. A fall below the nearby support levels at 1.2945 would affect the recent bullish trend and enter the market in a sideways movement.
Technical Analysis
The pair reached the upper channel boundary near the important psychological level 1.3000 and expected to wear it to retest 1.2920 levels to take a momentum before targeting 1.3040 -1.3060 levels. The pair continues to trade between levels 1.2850 and 1.3060.
Breaking the support 1.2900 will return the pair to the negative pressure areas to target the bottom of 1.2849 first before heading to 1.2889 and 1.2747 in the event of a prolongation of the decline.
In the short term, the pair may correct the 1.2950 and 1.2930 levels before continuing the rise to 1.2978 and 1.2996 levels with the support of 1.2920 steady.
