Last week, the pair traded in a cross band between the levels of 1.12 and 1.13 within the falling channel, as shown on the graph. This sideways move of the pair perfectly reflects the psychological state of the hesitant market between fear and optimism about the economy and the Corona virus
As the price moves in a cross-band, the best strategy is to capture buy and sell opportunities from support and resistance areas.
The breach of the resistance level1,1302, and closing above it is a sign for further rise towards the resistance level 1.1401. In the event of a fall, and before reaching 1.12 level , the price may find some support from the blue bullish trend line.