Morning Report

The pair is trading around 1.4285, which is a very sensitive level and stabilizing above it may prove the harmonic structure shown on the chart, and also may form a Gartly harmonic pattern. Consolidation above the mentioned level is required to confirm the upside trend, and momentum indicators are turning negative. The minor image shows us the ascending channel that organized the pair's movement during the past few days, with the main support at 1.4205 and a breach of this level could negate the upside trend. Therefore, we remain neutral for today, where a breach of 1.4205 make us turn negative while consolidation with 4-hour closing above 1.4285 push us to turn positive.

The trading range for today is among the major support at 1.4040 and the major resistance at 1.4445.

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

Previous Report

Weekly Report

Support1.42051.41501.41101.40851.4040
Resistance1.42851.43251.43751.44201.4445
RecommendationBased on the charts and explanations above we recommend buying the pair with 4-hour closing above 1.4285 and take profit in stages at (1.4375, 1.4425, and 1.4445) and stop loss with 4-hour closing below 1.4205 OR selling the pair with 4-hour closing below 1.4205, and take profit in stages at (1.4110, 1.4040, 1.3970) and stop loss with 4-hour closing above 1.4285 might be appropriate