Technically, the 4 hours chart shows signs of a temporal bottom, as indicators bounce from oversold levels, yet stalled around 1.2660, strong static resistance level where it stands. Price in the mentioned time frame remains well below moving averages, with 20 SMA presenting a strong bearish slope, currently offering intraday resistance at 1.2720 in case of further recoveries. Nevertheless, if the pair is unable to advance above current area, risk turns back to the downside, towards mentioned low of 1.2614. Break below it should lead to another round of selling, eyeing 1.2570 in the short term.
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