Morning Report

The pair is trading around 61.8% Fibonacci correction of the CD leg of the bearish bat harmonic pattern -shown in Green on the left-, and still trading below the B point bottom of the suggested harmonic pattern, which could be a butterfly harmonic pattern -shown on the right-. Therefore, we expect the downside move to extendtargeting 1.4125 and a break ofwhichshould support the pair to retest 1.4070 and 1.4035 respectively, where the last level should complete the suggested butterfly pattern. Stability with 4-hour closing below 1.4335 and 1.4275 is more preferable for our expectations to remain valid.

The trading range for today is among the major support at 1.4035 and the major resistance at 1.4425

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

Previous Report

Weekly Report