Over four-hour basis, the pair was able to consolidate above the Simple Moving Average 20. The pair is still within the descending channel; however, stability above the mentioned level suggests a test of the channel's main resistance. Regarding momentum indicators, they reflect an intraday conflict, where Stochastic provides a negative crossover within oversold areas, while MACD attempts to reduce negativity. All these factors together drive us to remain neutral today, awaiting further confirmations.
The trading range for today is among the major support at 1.3220 and the major resistance at 1.3840.
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 remain neutral awaiting more confirmations|