The pair found a support on the 34 Moving Average, so there’s a “V-Bottom” pattern. Under this circumstances, the market is likely going to test the nearest resistance between the levels 1.2548 – 1.2581.
Considering the previously formed “V-Top” pattern, bears will probably try to achieve a support at 1.2432 later on.
There’s a “V-Bottom”, which has been formed under the 89 Moving Average. So, the price is consolidating. It’s likely that the pair is going to reach the nearest resistance at 1.2548 – 1.2581 during the day. If a pullback from these levels happens, there’ll be a chance to have another decline in the direction of the next support at 1.2465 – 1.2432.
Origin: FX BAZOOKA
