Pair’s recovery from yesterday’s low of 1.3064 and a subsequent move back above a minor head and shoulder neckline suggests the spot is likely to extend gains towards a larger inverse head and shoulder neckline level seen around 1.3465.
The bullish view is at a risk of a break below yesterday’s low of 1.3064 in which case the spot could take out 1.30 and move towards 1.29 handle.