Morning Report

The pair's trading was limited between 88.6% Fibonacci correction of the CD leg and the bottom of C point of the bearish AB=CD harmonic pattern. Consolidation below 1.0255 could support further attempts toward breaching the bottom of point (c) to head directly to 127.2% Fibonacci correction at 1.0005. We expect the downside movement to extend, especially that a descending channel has formed and should support the pair's attempts to achieve more targets of the harmonic structure.

The trading range for today is among the major support at 1.0005 and the major resistance at 1.0340.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.0205, and take profit in stages at (1.0125 and 1.0005) and stop loss above 1.0305 might be appropriate today.