As we mentioned before, consolidation below 1.3270 and 1.3220 is negative and could trigger a downside movement, and this is what happened indeed, as we can see the pair confirmed the descending channel which could trigger more bearishness. But, the pair is facing the psychological level of 1.3000, where a breach of this level is required to confirm the resumption of the downside movement, especially when momentum indicators are excessively oversold. Therefore, we expect the downside movement to extend today, but 4-hour closing below 1.3000 is required to confirm our outlook.
The trading range for today is among the major support at 1.2790 and the major resistance at 1.3270.
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, our opinion is selling the pair with 4-hour closing below 1.3000, and take profit in stages at (1.2910 and 1.2845) and stop loss with 4-hour closing above 1.3080 might be appropriate|