The pair made a sharp drop and almost reached the 1.2600 level. Now we look for testing the 1.2585 support, with a break and consolidation below to confirm long-term declines towards the 1.1875 low. Meanwhile, should the pair stall out by 1.2585, we could see a rebound towards the 1.2875 resistance, with a break above to continue gains towards the 50-Day SMA by 1.3185 or the 100-Day SMA by 1.3480.
