Bulls failed to push the price up to  1.2800 level, trading continued within sideways range, close to the local maximums and is currently carried out at 1.2650/60 level. Indicators suggest to expect  a possible reversal down. If the price breaches a short-term uptrend (blue) line within 1.2600-1.2580 support range, it’ll be a signal for another decline towards 1. 2520/00 level, and may be even lower to the minimums at 1.2280/70 support. However, the price now resides above key supports, therefore reversal to growth and 1.2800/20 resistance rest is still quite a possibility.

Analysis prepared by:

Arkady Nagiev
Forex4you analyst