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.
|Recommendation||Based 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.|