Cable is holding around 1.2800 handle after being dragged higher by strength of Euro and hit session high at 1.2838.
Near-term action remains within consolidation range established between 1.2755 and 1.2845, after the pair soared to fresh six-month high at 1.2904 last week.
Neutral near-term studies suggest extended sideways mode, however, risk of deeper correction exists, as daily RSI and slow stochastic are hovering around overbought borders and may generate bearish signal on reversal.
Consolidation range low at 1.2755 marks Fibo 38.2% of 1.2513/1.2904 rally, firm break of which is needed to trigger stronger pullback and open supports at 1.2700 (round-figure) and 1.2663 (Fibo 61.8% retracement).
At the upside, the upper 20d Bollinger band is capping near-term action (currently at 1.2862) and break above it would signal fresh attack at 1.2905 high. Violation of the latter would expose psychological 1.3000 barrier for retest.
Res: 1.2838, 1.2862, 1.2904, 1.2950
Sup: 1.2800, 1.2772, 1.2755, 1.2709
