Following up on Sunday´s post, where I pointed out 2 situations to keep in mind
a-) the 1.2750-1.2810 area holding, followed by 1.2910-1.2946
b-) break of the above referenced area, and deeper continuation into 1.27´s, possibly lower towards 1.2627-1.2645.
The area held and is has been tested almost to the tick at 1.2948, after retracing to current leveles -my charts are reading 1.2930, at the time of writing.
Nevertheless, I was wrong on the the part of Sunday´s post in which I was looking for a continuation of the down move, which never occurred. Therefore, more emphasis on the 1.2750-1.2810 area.
Furthermore, I tend to pay special attention to what happens to price action at the extreme of the ranges, marked by the white channels, which are close of being tested (at the time of writing). In most of circumstances, usually a small retracement around these areas should be expected, to say the least.
What I´ll be looking for? As noted above, buyer´s have showed up and there´s range expansion. Seller´s have maintained control at the levels marked. There is buyer´s support both at 1.2750-1.2810 (KEY SUPPORT) and 1.2844-1.2879.