Morning Report

The downside move stopped before reaching 61.8% Fibonacci correction of the crab harmonic pattern's CD leg at 1.4215, which represents the second target of the harmonic structure and currently the pair returned to trade around 38.2% Fibonacci correction at 1.4335, which is the first harmonictarget. Harmonic studies indicate that consolidation below the first target suggests a retest of the second one, while 50% Fibonacci correction acts as a minor support that stopped the downside move. We still think that the pair may extend the downside movement, but requires consolidation with 4-hour closing below 1.4415.

The trading range for today is among the major support at 1.4125 and the major resistance at 1.4535

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

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Weekly Report

Support1.43351.42751.42151.41651.4125
Resistance1.43751.44151.44701.44901.4535
RecommendationBased on the charts and explanations above we recommend selling the pair around 1.4375 and take profit in stages at (1.4335, 1.4275 and 1.4215) and stop loss with 4-hour closing above 1.4470 might be appropriate today.