The price is consolidating under the 34 Moving Average, so there's a possible developing "Rising Wedge" pattern. Under this circumstances, bears are likely going to test the nearest support at 1.2738 - 1.2705. If a pullback from this area happens, there'll be an opportunity to have a bullish price movement in the direction of the next resistance at 1.2768 - 1.2793.

There's a consolidation, which is taking place along the Moving Averages, so bulls are likely going to achieve the closest resistance at 1.2804 - 1.2817 in the coming hours. However, if we have a pullback from this area, the pair will probably try to catch support at 1.2738 - 1.2705.

Sergey Logachev

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