Despite the intraday positivity and failing to stabilize below the key ascending support level, we need to see the pair stable below 23.6% correction shown on graph at 1.2970. Linear Regression Indicators tends to be negative without indicating a new bullish move. We prefer to remain neutral in our weekly report as the weekly trend is related to 1.2970 levels, as we should see how the pair would react around this level. We advice to monitor our technical daily reports to see the pair’s intraday movement.
The trading range for this week is among the key support at 1.2560 and key resistance at 1.3115.
The general trend over short term basis is to the downside targeting 1.2560 as far as areas of 1.3270 remains intact.