The pair rebounded to the upside, yet didn't provide any 4-hour closing above 1.3840, where the exponential moving average 50 prevented the upside move from extending further. Stochastic attempts to turn negative which could support the pair to settle below the exponential moving average 20 at 1.3780, driving us to expect a downside movement. A breach of 1.3840 and consolidation above it could weaken our expectations.
The trading range for today is among the major support at 1.3565 and the major resistance at 1.3990.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, we recommend selling the pair below 1.3780, and take profit in stages at (1.3665 and 1.3565) and stop loss with 4-hour closing above 1.3840 might be appropriate.|