Well the chart is pretty self explanatory, price is nearing resistance between 1.2350-1.2415. Which is an area that should be kept in mind for signs of sellers overtaking the bulls, or for a breakout above resistance. In the case of a break above current resistance the next area bulls should keep an eye on is the 1.28 area of resistance.. Along the way there are some minor points of resistance at the 1.26 area and 1.27 area. Also note that price did find dip buyers at the D1 200 Moving Average support, showing that the bulls are still very much present at the moment. Also if you look a little closer you can see that price formed a descending channel that if drawn to a certain liking does show that price broke out of the descending channel to the upside so channel breakout traders would of been jumping on the side of the 200 MA bidders. I personally don't trade channel breakouts especially if they're near previous support turned resistance.
Cheers =)
Cheers =)