As for the technical picture, the 4 hours chart shows a quite weak positive tone, with indicators lacking direction around their midlines, and price holding above a flat 20 SMA. The Fibonacci support in the 1.2780 area, is critical as a break below it will turn the risk back to the downside, eyeing 1.2720/30 area as next short term support. To the upside on the other hand, the pair presents several intraday highs from late last week in the 1.2845 price zone, so it will take a break above it to confirm some further advances, towards 1.2890. If above this last, the rally should target then 1.2957, 38.2% retracement of the 1.37/1.25 decline.
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