Morning Report

By examiningthe hourly interval, we willfind that the pair is declining, but is still stable above the B point bottom of the bullish AB=CD harmonic pattern. The pair is also stable above the pattern's first target, which represents 38.2% Fibonacci correction of the CD leg at 1.4260. Therefore, we expect the upside move to return today, and also we expect a possible retest of 1.4335. A breach of 1.4385, which represents 78.6% Fibonacci correction of the CD leg, we could see the targets extend toward point C (the complete correction of the CD leg) at 1.4455. Consolidation above 1.4150 is required, while stability above 1.4215 is more preferable.

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.


Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4260 and take profit in stages at 1.4335, 1.4385 and 1.4455 and stop with 4-hour closing below 1.4215 might be appropriate