“The bears need to close decisively below 1.2974/1.3026 to threaten the old break point at 1.2879, below which would be negative exposing the major swing low at 1.2624 initially as the 1.4247 bear leg resumes”, writes Ron William, analyst at the MIG Bank, as he’s looking for a buy signal.

Breaching above 1.3322 should lead to 1.3548. The 200-day MA at 1.3755 would follow as next target and resistance.