The pair is currently trading around theEMA 20 and also around the pivotalresistance levelof 1.27959 mentioned in our weekly report. The current areasrepresent critical barrier that separates between theresuming the upside move towards the main resistance of the descending channel at 1.2875, or the return of the downside movement which could support the pair to retest areas around 1.2665. Stochastic is within overbought areas, but RSI is positive and attempts now to reach the 50-point level. Therefore, wewill stay asidetoday due to the high risk associated to our expectations.
The trading range for today is among the major support at 1.2535 and the major resistance at 1.3000.
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|