Price tested final key support back in September, where price rejected a breakout from the long term trend. Thus, price reverses to the upside, touching of the resistance level. However, price fell sharply last week amid risk aversions and corrections in the global equity market. Now price is heading to a support level. Trade Step-ups:
Bullish Reversal: Price rejects a move lower to test the final support level. Look for a move to the topside, where price test previous resistance level. Profit levels to look for are 1.3150 and 1.3700.
Bearish Breakout: Price breaks current support level, look for consolidation below 1.2550.