With this pair, there are 3 options...
Option 1 - Forming a higher low at 1.26 - 1.27 area and bouncing up to 1.35 for a retest and potential break
Option 2 - Forming a higher low at trendline of 1.2 and then bouncing straight up to retest 1.4 area
Option 3 - A new low or new support is being formed now and the price will skyrocket up to 1.4
On all those options we can clearly see that Bulls have finally taken over after the breakdown of descending . However, as with forex, there is always the potential of trend reverse so I will be paying very close attention to this pair over the next 8 - 12 hours.
Happy Trading everyone.
P.S What are your thoughts on this pair?