The pair continues to consolidate below 1.3550 level, while stochastic is losing the bearish momentum, at the same time an intraday descending triangle may be in the process of the completion suggesting a continuation of the bearish wave. However, in general there are two scenarios, a bullish falling wedge formation or a normal descending channel as shown in image, to confirm the bullish wedge we need a breach above 1.3600, on the other hand a breach below the 78.6% Fibonacci correction level around 1.3380 will confirm a continuation to the downside. For now we will continue to expect intraday bearishness supported by the intraday descending triangle.
The trading range for today is among the major support at 1.3270 and the major resistance at 1.3665.
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 1.3540 targeting 1.3450 and 1.3365 , stop loss with four-hour closing above 1.3600|