The price has broken below the 1.2514 support and moved to the low from Friday at the 1.2495. Now traders will be eyeing to see if what was support now holds resistance (at 1.2514) and keeps the pressure on the pair. In favor of the downside is the inability to break and close above the 100 hour MA. This keeps the bears in charge (and gives them confidence). The next downside target below the 1.2495 is 1.2478 which is channel support for the week (see chart above). Until the bulls can show they can take control, the price bias remains to the downside. Targets are where profits can be taken with defined risk but the trend remains your friend.
