The pair declined sharply to trade again within the descending channel and below the exponential moving averages 20 and 50, which indicates that the upside correction was limited. But, Stochastic is negative now, while the pair didn't provide any 4-hour closing below 1.2900. Therefore, we will stay aside today, waiting for more confirmations regarding the end of the correction, and to make sure that the pair will not settle above 1.3000 again.
The trading range for today is among the major support at 1.2720 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 chart and explanations above, we remain neutral awaiting more confirmations|