After an extended sideways movement, the price has broke the triangle and now is trying to test the broken level. The outlook is bullish on medium and long term. The first resistance is at 1.2695 and higher at 1.2798. If this pattern will be confirmed, we’ll have a target of more than 400 pips. As you can see from the chart below, the price is into a consolidation, so, if the resistance levels will hold, this consolidation will continue and the price could decrease again to reach the support.
The price wasn’t able to stay above the resistance of the triangle and now is trading near the support of this sideways movement. If the support will be strong enough to stop the price decline then we’ll see the rate going higher again with a first target at the previous high.