Morning Report

The pair rebounded sharply to the upside from areas near the supportof 1.4255, achieving our expectations and is currently stable around C point -top of the bullish Bat harmonic pattern- and also around the second wave of the bullish Three-Drive pattern at 1.4455. The current bearish candlesticks structure could increase the possibility of some bearish correction, but at the same time, the harmonic rules indicate that consolidation above 78.6% Fibonaccicorrectional levelof the CD leg at 1.4365 should extend the pattern's effect, or in other words, extending the upside movement towards the extended target starting from 127.2% of the CD leg at 1.4560

The trading range for today is among the major support at 1.4255 and the major resistance at 1.4620

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

Previous Report

Weekly Report

Support1.44101.43651.43001.42551.4205
Resistance1.44551.44901.45351.45651.4620
RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4365 and take profit in stages at (1.4410, 1.4455 and 1.4560) and stop loss with 4-hour closing below 1.4255 might be appropriate.