The pair is approaching the 1.3235 – 1.3210 support area as we see on the 4 hour chart … The RSI is still within the bullish momentum zone and Stochastic is moving within the oversold area as it may be indicating that the price has gathered enough momentum to resume its bullish trend.
The possible bullish scenario remains intact as long as the pair remains above 1.3100 support and the pair may return to resistance at 1.3340 (first target on Wednesday), then 1.3480 as second target, then 61.8% for general downside wave around 1.3630 as third target.
A breach of 1.3100 support might be enough to derail the upside scenario, and the pair could then back to test support 1.2990 as first target and support 1.2880 as a second target.
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