Consolidation below 1.0205 is seen, but at the same time the exponential moving averages 20 and 50 supports the pair from below along with the support level at 1.0085. The relative strength index attempts now to settle above the 50-point level, while Stochastic is almost within overbought areas, yet attempts to provide a positive crossover. We expect that any 4-hour closing above 1.0085 is sufficient to support our positive outlook, while stability above 1.0255 should confirm our outlook.
The trading range for today is among the major support at 0.9970 and the major resistance at 1.0360.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, we recommend buying the pair around 1.0140, and take profit in stages at (1.0340 and 1.0475) and stop loss with 4-hour closing below 1.0080 might be appropriate|