The pair failed to settle above the level of 1.3380, and then breached the level of 1.3270, which led us to negate our positive outlook and recognize a descending channel that controlled the pair's movement from the top at 1.4247. Now, momentum indicators are within oversold areas, but consolidation below the main resistance of the descending channel at 1.3380 drives us to expect a downside movement today, in attempts to breach the level of 1.3145 and then moving south towards areas around 1.3000, passing through the minor support level at 1.3120.
The trading range for today is among the major support at 1.3000 and the major resistance at 1.3380.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135
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