The decline seen yesterday confirmed the continuous effect of the descending channel. Today, the pair is stable in areas below the exponential moving average 20. A breach of 1.3000 and stability below it could confirm the extension of the downside movement, where consolidation below this level is required as Stochastic is within oversold areas and a breach of this support should negate the positivity seen on momentum indicators.
The trading range for today is among the major support at 1.2790 and the major resistance at 1.3220.
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 (1.2875 and 1.2790) and stop loss with 4-hour closing above 1.120 might be appropriate|