Morning Report

The pair rebounded sharply to the upside during the past two hours, but is trading withintight range below 1.4490,mentioned in our weekly report. This inclinehas switched our expectations from Gartley pattern to a Bat harmonic pattern, after achieving our weekly first target at 1.4330. Now, we should prove the bearish bat harmonic pattern, while trading below 1.4400-20 will support the bearishness. Stability above 1.4490 with a four hour closingmay weaken the expected intraday downside trend.

The trading range for today is among the major support at 1.4250 and the major resistance at 1.4645.

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

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we recommend selling the pair below 1.4490, and take profit in stages at (1.4375, 1.4310, and 1.4250) and stop loss with 4-hour closing above 1.4565 might be appropriate.