The pair is trading along a downtrend. It has reached key support level by now, which means there is a potential of the market’s upside towards resistance 1.2980 and also probably 1.3110. An uptrend can be expected to start either from current levels or upon the fact of further pair’s upside above resistance 1.2930, which will be followed by strengthened upside momentum pushing the pair towards resistance 1.2980. Should the pair continue rising above 1.2980, we will expect it to reach key resistance 1.3110.
A downtrend is supposed to start upon the pair gets under support level 1.2875, which will be followed by moving down to support level 1.2860 and then to 1.2400.