According to I.Spivak, Currency Strategist at DailyFX, “prices moved lower as expected after putting a bearish Dark Cloud Cover candlestick pattern. Sellers are now testing the 23.6% Fibonacci retracement at 1.2904, with a confirmed break on a daily close below this level targetinf the 38.2% Fib. at 1.2739. Near-term resistance is at 1.3042, the underside of a recent broken rising trend line set from the November 13 low. A push above that targets the top of a channnel carved out since mid September (1.3093).
At the time of writing, the cross is up 0.36% at 1.2937 with the next resistance at 1.2972 (38.2% of 1.3127-1.2876) ahead of 1.2974 (high Dec.7) and 1.2986 (MA10d).
On the flip side, a breach of 1.2880 (low Dec.10) would open the door to 1.2876 (low Dec.7) and 1.2839 (61.8% of 1.2661-1.3127).