Early in the U.S. session, the price hovered around the 100- and 200-hour MAs, reflecting a choppy market awaiting direction. That push finally came from buyers, driven by easing tariff concerns, lower yields, and weaker U.S. data (JOLTS showed a decline in job openings).

The rally took the price up to test the Asian session high and the 50% retracement of the decline from the December high at 1.24532. A break above that level triggered further momentum, sending the pair into the key swing area between 1.24739 and 1.2500.

Key Technical Levels to Watch:

• Bullish Breakout: A sustained move above 1.2500 would strengthen the bullish bias and encourage further upside exploration.
• Bearish Reversal: Sellers looking to fade the move may find 1.2500 a low-risk entry point, with stops on a confirmed break above. For downside momentum to build, the pair would need to fall back below the 50% retracement at 1.2453.

The battle between buyers and sellers is now focused around this key resistance zone, with the next move likely to dictate near-term direction.