Trading below 1.3665 supports the return of the negative outlook, especially when the pair is stable below the moving averages 20 and 50, which negated our expectations for upside movement yesterday. But, Stochastic is within oversold areas, while MACD could turn positive, which contradicts the breach of 1.3665 seen yesterday. We remain neutral today, where the bearish Head and Shoulders pattern contradicts with other technical indicators; therefore we wait for further confirmations regarding the pair's next move.
The trading range for today is among the major support at 1.3380 and the major resistance at 1.3825.
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|