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The pattern started when pair rebounded from 1.328; after testing resistance level at 1.281 (SMA200) and bouncing from 1.249, the lowest level since June 2010, has slowed down at 1.254 where the pair is currently trading. Aggregate indicators do not suggest clear emerging trends in 1H or 4H time horizons, but the current market sentiment is around 60% bullish. Long traders could focus on the 1.257 daily resistance level. If this level will be breached, next target could be at 1.259.
Indicators in 1D time horizon strongly suggest a bearish market outbreak. Short traders could focus on the daily support level at 1.252. If the pair breaches this level, next possible target could be at the 1.249, the lowest level since mid 2010.
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