Trading a few pips below the critical figure, the 4 hours chart shows price developing below a bearish 20 SMA while indicators head lower below their midlines, supporting some downward continuation. Furthermore, the pair broke below a daily ascendant trend line coming from 1.2501: price may attempt now a pullback to it around 1.2720 yet if the level holds, the downside is favored towards 1.2660 strong static support zone. Break below this last will see the downward extension reaching 1.2620/30 price zone before the day is over.
A recovery above 1.2720 on the other hand, will lift bulls’ hopes, helping the pair recover up to 1.2750/70 price zone.
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