FXstreet.com (Barcelona) - Having spent most of the month below the technically important 1.2800 level, Marc Chandler of Brown Brothers Harriman notes that the pair jumped higher last week.

He notes that a rounded bottom has been carved out and the 1.2840 area should now offer support. To the upside he believes that the next test of the bull´s resolve will be in the 1.3000-30 region with any potential downtrend drawn off the mid-September and mid-October high around 1.3100. Technical indicators like RSI and MACDs, are constructive and the 5 day moving average crossed the 20 at the end of last week, suggesting that short term models and momentum traders are getting positive signals.