This pair has positioned itself between the two trend lines shown around the 130.000 level. It is likely that the ECB decision today will force a breach of the trend lines giving traders and opportunity to interact with the market. Resistance comes in at 130.520 for the trend line with the 131.000 level above. A break above this area is likely to test towards 131.800 where resistance is expected to firm around the 132.000.
Support for the pair has already been used today as the rising trend line at 1.29814 setting the low. A drop under this level could result in a test of the 200 period MA at 129.604 followed by the 50 period MA at 129.354 and the 100 period at 1.29200. Losing these levels opens the way for a bigger move to the higher low at 128.107 and the 127.557 level. A move below this point would result in a price discovery run to see where support lies ahead of 125.800.