Last week, the cable bounced off from the weekly support level 1.26941 and is still pretty much above this level. As we mentioned last week, as long as the price is contained above this level, 1.26941, a weekly support level, we expect a possible momentum to the upperside. The anticipated bullish price rally is the unfolding of an impulsive wave count and should break above 1.33059. And on the contrary, should the price break below 1.26941, then this will be a good place to look for a long term short position towards 1.21331.
As long as the price is above 1.26941, we expect a possible momentum to the upperside.