On the daily chart, the pair received support at the "round" level of 1.2600 - previously it was a resistance in July and August. A small rebound from 1.2600 cannot yet be considered as a resumption of growth. Rather, it is corrective, and is caused by a combination of an overdue correction (the decline from the August maximum to the level of 1.2600 was more than 350 points without corrections), and the achievement of strong support (at the previous strong resistance level). The rebound up from 1.2600 may continue, but the resumption of the decline seems more likely, since after a strong reversal, the trend is likely to continue in the short term.
On the four-hour chart, there is a rebound up from 1.2600 (a strong support level) , while it is more likely to reach the nearest resistance at 1.2655 (at the maximum on August 17 and the level where the decline stopped on August 23-24). Given that the wave of decline from August 20 to 24 exceeded 350 points in size, even a corrective upward movement may be relatively large, but this would not change the clearly visible picture of a reversal. According to the directional movement indicators, the trend is a decline: DM- above DM+, the MACD histogram remains in the negative zone, the MACD line has a negative slope.