Morning Report

The pair is fluctuating heavily within sideway range, which is limited between 23.6% and 61.8% Fibonaccilevels of the CD leg of the bullish harmonicBat pattern, in addition, this sideway range is above point D of the Bat pattern and also above point (3) of the Three Drivers pattern. We still expect positivity due to the harmonic patterns' effect; however, Stochastic is negative along with ADX indicator. Therefore, 4-hour closing above 1.4255 is required to confirm the bullishness, while stability with 4-hour closing below 1.4120 should activate the downside movement.

The trading range for today is among the major support at 1.3910 and the major resistance at 1.4490

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 buying the pair around 1.4225 and take profit in stages at (1.4300, 1.4370 and 1.4455) and stop loss with 4-hour closing below 1.4120, OR, selling the pair at 1.4120 and take profit in stages at 1.4035, 1.3970 and 1.3910 and stop loss with 4-hour closing above 1.4255 might be appropriate.