The pair was unable to hold below 50.0% Fibonacci at 1.2820 (the second target of the bearish scenario), rising strongly during last Friday’s trading, breaking the upper limit of the bearish channel shown on the 4 hour chart … Although the downside potential is now weak, As long as the trading remains below the resistance 1.2960 and the price could return to target 1.2820 again as the first target and 61.8% Fibonacci around 1.2700 – 1.2720 as the second target.
A break of 1.2960 with a four hour closing might be enough to end the downside scenario and the pair could then push towards 1.3090 as the first target and then 1.3210 as the second target.
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