On the bigger picture we have a weekly supply area at 1.3120-1.2957, and a partner supply seen on the at 1.3058-1.2979 in play right now. Therefore, although H4 price is showing potential to the upside, one has to remain cognizant of the surrounding environment.
Our suggestions: While a long is tempting from the 1.30 region today, we are going to hold fire. Buying into higher-timeframe supplies usually ends in tears!
Data points to consider: UK current account figures at 9.30am. US Core PCE price index report at 1.30pm, followed by Chicago PMI at 2.45pm GMT+1.