On the daily chart, the pair received support at the "round" level of 1.2600. A "hammer" formed above, which can be confirmed by a candle on Thursday, which may be a signal of a continuation of the rebound. However, in the broader perspective, the growth from 1.2600 is corrective, and a resumption of the decline seems more likely. According to the directional movement indicators, the trend is decreasing: the excess of DM+ over DM is no longer there, the MACD histogram is decreasing in the negative zone, the MACD line has received a negative slope.
On the four-hour chart, the pair continues to track the "round" levels well. Support was received at 1.2600, and resistance may be at the level of 1.2700 reached now. The further short-term perspective probably depends on the stability of the resistance at 1.2700: if it is overcome, the growth may continue to the next "round" level of 1.2800, with a rollback, the correction may end with a return to the starting point at 1.2600. According to the directional movement indicators, the correction to decrease: the excess of DM- over DM+ remains, ADX is at a relatively high level, the correction is visible by the growth of the MACD histogram, which has already entered the positive zone, and by the reversal of the MACD line. Based on the fact that the longer-term trend has changed, a decline now seems more likely.
Resistance levels: 1.2700; 1.2800
Support levels: 1.2650; 1.2600