Pair’s retreat from the descending trend line hurdle of 1.3057 earlier today suggests the technical recovery from the low of 1.2916 may have run out of steam and given the short-term moving averages – 5-DMA and 10-DMA are still sloping downwards, the prices could revisit 1.2970 area before making another attempt at the descending trend line.
Sellers are seen coming-in once the support at 1.2916 is breached. On the higher side, day end close above 1.3057 would open doors for 1.3120-1.3150 levels.