Trading is limited between the 1.3100 support and the resistance of SMA 50 … The price direction is between the downside and the resistance below 1.3245 and the upside after the rebound from the 1.3100 support … so it is preferable to remain neutral until the pair is out of the area specified on the chart.
A breach of 1.3100 support might do a downside scenario with targets around 1.2990 as the first target and then support 1.2880 as the second target at least.
A return to trading above 1.3245 might be a good sign that the current bearish correction may be completed and resume the upside move to be the next targets around the resistance 1.3340 as the first target and then the 1.3480 as the second target and 61.8% for the general downside wave around 1.3630 as the third target.
