The support there is visualized by the middle line of the Bollinger Bands indicator on the monthly time frame and as it happens almost always, once the pair reached it a correction began. Usually during such a correction the price either lingers on the middle line of Bollinger Bands or it bounces off of it.
In this case it’s difficult to say which one of these two scenarios will be more valid, but on the daily time frame you can see that the pair has broken above the resistance at 1.2700 with ease and it is rising towards the next resistance at 1.2950.
Whether the pair will bounce off that resistance once it reaches it or it will continue moving to the upside remains to be seen. I have to see what candlestick patterns will form on that level so I can make a decision whether to open new short positions or keep my long ones open.
The move to the upside continues.
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