Morning Report

The pair continues the downside trend, approaching the awaited 1.3910 accompanied with Stochastic entering oversold areas. These factors may cause the pair to rebound to the upside, especially with the signals for the main upside channel shown above, which may indicate that the pair is near return to the upside. Currently, uncertainty surrounds the intraday direction, where the downside correction channel is indicating more downside correction targeting 61.8% Fibonacci at 1.3665, while the mentioned upside trend's support's strength should stop the current downside correction. From here, neutrality is our recommendation for today, watching the pair for more confirmations of an accurate path.

The trading range for today is among the major support at 1.3780 and the major resistance at 1.4170.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Weekly Report

Previous report

Support1.39101.38501.38001.37801.3750
Resistance1.39701.40401.40901.41501.4215
RecommendationBased on the charts and explanations above we recommend observing trading today awaiting more confirmations