The pair has recommenced. Still, it’s holding under 1.2537 level. Trading is still neutral. Short term prognosis is bullish if 1.2222 support stands. Following pivot points include: (S1) 1.2418; (P) 1.2470 (R1) 1.2556.
Decisive breach of 1.2494/2516 resistance region will push rally to 100% projection of 1.0569 to 1.2091 from 1.1553 at 1.3075. According to bearish divergence seen in 4 hour MACD, break of 1.2222 will suggest rejection from 1.2494/2516. In that case, forecast will become bearish till 1.1915 support.
Lift from the medium term bottom of 1.0339 has a corrective nature. Firm breach of 1.2516 will suggest bullishness and align 38.2% retracement of 1.6039 to 1.0339 at 1.3862. Rejection from 1.2516 will boost long term bearish prognosis and suggest repeat test of 1.0039 level.