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Limited sideways trading tends to the little positivity above the psychological support level of 1.2700 and below the resistance level of 1.2770.
Technically, the 50-day SMA is trying to provide a positive motive and the attempts of Stochastic to obtain more bullish momentum.
With intraday trading remaining above the breached resistance level 1.2710 and, in general, above 1.2665, the bullish bias may be the most likely to visit 1.2765, knowing that its breach pushes the pair towards 1.2800 the next stop, and its targets may extend later towards 1.2850.
Attempts to break the pivotal support floor 1.2665 may cause a strong bearish bias to visit 1.2610.
Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.
| S1: 1.2665 | R1: 1.2765 |
| S2: 1.2620 | R2: 1.2800 |
| S3: 1.2590 | R3: 1.2850 |
