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From a technical perspective, the pair remains confined within a broader trading range held since mid-January and hence, it would be prudent to wait for a clear breakthrough before positioning for any meaningful trajectory. Meanwhile, the 1.2285 area now seems to have emerged as an immediate support, which if broken is likely to accelerate the slide towards 1.2240 horizontal support before the pair eventually heads towards testing the 2-1/2-month-old trading range support near the 1.2200-1.2180 region. On the flip side, momentum back above the 1.2335-40 immediate supply zone could lift the pair back towards reclaiming the 1.2400 handle. A follow-through buying interest has the potential to continue boosting the pair further towards 1.2445-50 intermediate hurdle en-route the key 1.2500 psychological mark
