The pair was not able to breach and settle below the level of 1.3000. But at the same time, the pair is still trading below the resistance level at 1.3120 within the descending channel shown above. In addition, we see positive crossover on the exponential moving averages and positivity on Stochastic but on the other hand the relative strength index and MACD are moving weakly. Therefore, we still expect the downside movement to return, but consolidation below 1.3000 is required to negate the positive seen on technical 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 1.3120 might be appropriate|