Over 4-hour basis, the pair was unable to provide any 4-hour closing above 1.3825, which triggered another bearish wave. We can recognize a possible bearish pattern which contradicts the bullish Crab harmonic pattern; however, a breach of 1.3650 confirms this bearish structure. Currently, the pair is trading above the top of point (C) of the mentioned harmonic structure. But at the same time, the Relative Strength Index is negative, while Stochastic attempts to enter oversold areas. Therefore, we remain neutral in the session today.
The trading range for today is among the major support at 1.3565 and the major resistance at 1.4010.
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|