Pair’s break above hourly 50-MA following a bullish break from falling channel and bullish price RSI divergence indicates the spot could be heading higher to 1.3567 (23.6% of 1.5019-1.3119).
The bird consolidated just above hourly 50-MA in Asia indicating a base building before further upside opens up.
On the other hand, failure to extend gains above hourly 50-MA followed by a break below hourly chart support of 1.3226 could yield re-test of 1.3119.