The price continued its decline like expected, but slightly failed to reach 1.2520/30 level, mentioned it the previous comment. Having met support at 1.2550/60 level, trading ascended towards 1.2600/10 line, where it still resides. Indicators are in a bearish trend, which gives reasons to anticipate another decline. Some weakening on the indicators, however, suggests a possible stop or even growth to 1.2650/40 level. Nevertheless, decline looks to be more likely. If 1.2520 level is breached, the price will test new minimums at 1.2280/90 level pretty soon. Attempts to recommence growth towards local maximums will be halted at 1.2800 level. Higher growth will raise doubts that “bears” will recommence their downtrend in the near future. 

Analysis prepared by:

Arkady Nagiev
Forex4you analyst