Consolidation below 1.3665 has negated the pair's attempts to cover the bearish opening gap seen yesterday. Today, the pair is also trading below this barrier, which suggests more downside movement in light of the formation of the CD leg of the suggested harmonic structure as shown above. A 4-hour closing below 1.3570 is necessary to confirm our intraday expectations and negate any possible upside correction. Stochastic is negative which supports our expectations.
The trading range for today is among the major support at 1.3320 and the major resistance at 1.3910
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
|Recommendation||Based on the charts and explanations above we recommend selling the pair below 1.3665, and take profit in stages at (1.3530 and 1.3435) and stop loss above 1.3775 might be appropriate|