The prolonged consolidation above the 1.2330 lows put in place in late October without any resolution to the downside has dealers looking for the potential for a bottom finally to be in place. A sustained move through the 1.3080 area would be a very upbeat sign that a durable bottom is in fact in place.
Having overcome earlier highs at 1.2915, that area should be a moderate support point on pullbacks near-term. Small stops are eyed now around the 1.2900/05 level from intraday bulls.
