On the daily chart, the pair's growth continued, an important change is the overcoming of the peak in late November - early December at 1.2850. Now the pair is above the September high and slightly below the August high at 1.2950. The size of the growth wave from 1.2600 is already large (350 points without rollbacks), in addition, the growth series has lasted for 5 sessions and the sixth is coming. This increases the probability of a pullback, which is facilitated by the presence of strong resistance nearby. However, the very fact of overcoming the "round" level of 1.2800 and the previous maximum shows that the idea of a reversal turned out to be premature. A bearish divergence of the pair's highs and the MACD histogram has formed, which also increases the probability of a pullback and strengthens the resistance at 1.2950.
On the four-hour chart, the pair overcame strong resistance levels of 1.2800 and 1.2850. The last level was already supported on December 15. The growth is now facilitated by the fact that there is no strong resistance to 1.2950. On the other hand, a pullback is brewing: there has not been a significant correction on this scale since October 8, the latest highs are not confirmed by the MACD histogram (a bearish divergence has formed). The reaction to the Fed meeting may be "selling on the fact".
Resistance Level: 1.2950
Support levels: 1.2850; 1.2800