Near-term action remains unchanged and holding within 1.2770/1.2859 consolidation range under last week’s fresh multi-month high at 1.2904.
Strong support has formed at 1.2770 (consolidation range floor, also former high of 06 Dec) where repeated downside attempts were contained.
The downside is reinforced by 1.2755 (Friday’s spike low/Fibo 38.2% of 1.2513/1.2904 upleg), however, risk of deeper pullback remains in play as slow stochastic is turning down on daily chart, after reversing from overbought territory.
Firm break below 1.2770/55 supports would risk extension to 1.2700 (rising daily Tenkan-sen).
Otherwise, extended consolidation would look for bullish signal for renewed attempt at 1.2904 and possible extension towards 1.3000 barrier as overall structure is bullish.
Res: 1.2838, 1.2859, 1.2904, 1.2986
Sup: 1.2770, 1.2755, 1.2700, 1.2663
