Near-term price action is moving in triangular consolidation under yesterday’s high at 1.2521 where rally was capped by 20SMA.
The pair remains overall bullish, following false break into daily cloud and subsequent quick recovery.
Consolidation is expected to hold above broken Tenkan-sen line at 1.2463 (also near yesterday’s low at 1.2452) to keep near-term bulls intact for renewed attempts above 1.2500 barrier and possible attack at 1.2550 pivot.
Otherwise, expect increasing downside risk on loss of Tenkan-sen support that could accelerate lower for attack at pivotal support zone between 1.2422 (55SMA) and 1.2411/04 (100SMA / daily cloud top).
Res: 1.2508, 1.2521, 1.2550, 1.2580
Sup: 1.2477, 1.2453, 1.2452, 1.2422
