Recommendations: Long positions above 1.3041 with 1.3140 & 1.3200 as next targets.
Alternative scenario: The downside breakout of 1.3041 will call for a slide to 1.2970/40
Description: The pair trades above the main support 1.2940. But it trapped between 1.3040 and 1.3103 levels yesterday. To move higher, it needs to overcome 1.3103, If seen, it would target 1.3140 levels ahead of 1.3200 levels. On the downside, losing 1.3040 would weaken the current bullish run, but as long as 1.2940 holds, the pair will remain biased to the upside.