As shown on the daily chart posted below, the pair trades now around critical levels, a trend continuation - of the bullish breakout 1.2392 - around 1.2815/1.2870 levels is suggested, %R indicator is in oversold area, a daily closing out of oversold area with stability above 1.2815 would give us strong bullish signal on medium term ,It would increase the risk toward 1.3212 forming a newer high, then we need to evaluate pairs activities around that level If manage to reach it !!!
If this scenario happens , selling the pair around 1.3200 is recommended with tight stop , or buying the pair with a daily closing above 1.3212 targeting 1.3500 !!!!
But in return , a clear break with a daily closing below 1.2815 would increase the risk toward 1.2392 where the bullish breakout happened at the beginning of Aug 2012 !!!
On the 4 hour chart, the pair is completely under pressure , losing 1.2815 might bring massive bearish move but in return , a clear break above the sloping resistance with stability above 1.2815 would increase the risk toward 1.2970/1.3000/1.3050 .....
Keep in mind that RSI suggests a bullish correction toward 1.2870/1.2900 before testing 1.2800 levels ..
Conclusion : I'd like waiting for Williams to move out oversold area with daily closing above 1.2815 followed by a break of the sloping resistance line on 4 hour , my target would be around 1.3212 levels...or If you are intra day trader, keep buying at support !!!
Below 1.2815 I might sell the pair but with cautious, or I'm gonna wait for a weekly close at least below 1.2815 !!!!