In the meantime, the 4 hours chart shows that price continues to develop below moving averages, while indicators corrected oversold readings, aiming higher still below their midlines. In the same chart, 20 SMA converges with 100 one at 1.2685, a few pips above Thursday high, so it will take some advances above this level to see the pair advancing, pointing to 1.2720/40 price zone.
To the downside, the 1.2610/20 area is the one to beat to confirm renewed selling pressure, eying 1.2570 first, in route to 1.2520/30 price zone.
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