Markets await Canada CPI and retail sales data for further direction.
Crude oil price rose for the past two days on better than expected crude oil inventory and on geo political tensions in Iraq.
US oil has made a high of $52.31 and started to decline from that level. The commodity dipped till $50.95 and is currently trading around $51.13.
The near term major resistance is around 1.2600 and any continuation can be seen only above that level. Any break above 1.2600 will take the pair to next level 1.2660/1.2700.
On the lower side, 1.2460 (34- day ) will be acting as near term support and any break below will drag the pair to next level till 1.24300/ 1.23925 ( of 1.20613 and 1.25908)/1.2340.
It is good to sell on rallies around 1.2550 with SL around 1.2600 for the TP of 1.2465/1.2400.