Morning Report

The pair resides now the exponential moving average 50 and 127.2% Fibonacci correction as shown above. Stochastic approaches overbought areas, while the positivity seen on the relative strength index started to weaken. These facts prove the continuous effect of the descending channel, where the channel's main resistance stands at 1.3210 and any trading below this level suggests the return of the downside movement. A breach of this level could postpone the downside movement over intraday basis.

The trading range for today is among the major support at 1.2955 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**

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is selling the pair below 1.3120, and take profit in stages at (1.3045 and 1.2955) and stop loss with 4-hour closing above 1.3220 might be appropriate