The bearish Head and Shoulders pattern was completed after the breach of 1.3665, while this pattern could trigger a test of areas around 1.3285 at least and this level represents 61.8% Fibonacci correction of the pattern. As shown above on the chart, the pair is currently trading below 61.8% Fibonacci correction of the bullish wave, which started from 1.3145 reaching 1.4247, where this wave could support the pair to reach78.6% Fibonacci correction of the mentioned wave, followed by the suggested target of the classic pattern. Consolidation below the pattern's neckline at 1.3665-95 is necessary for our negative expectations.
The trading range for today is among the major support at 1.3285 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.
**New York Candlesticks**
|Recommendation||Based on the charts and explanations above, we recommend selling the pair around 1.3565, and take profit in stages at (1.3410 and 1.3285) and stop loss with 4-hour closing above 1.3665 might be appropriate.|