I.Spivak, Currency Strategist at DailyFX suggests “prices are retesting the 23.6 Fibonacci expansion level at 1.2830, a barrier reinforced by a falling trend line resistance set from the October 17 high (1.2846). A break above that exposes a larger trend line established from May 2011, now at 1.3030, Near term support is at the 1.27 figure.”
The pair is advancing 0.08% at 1.2827 as of writing.
Next resistance lies at 1.2834 (high Nov.21) followed by 1.2876 (high Nov.7) and 1.2950 (high Nov.2).
On the downside, a break below 1.2730 (low Nov.19) would aim to 1.2691 (low Nov.16) and 1.2662 (low Nov.13).