Morning Report

The pair rebounded sharply to the upside from the support of 1.4365, reaching the point (C) at 1.4455, which represents the top of the bullish Bat harmonic pattern. Harmonically wise, stability above 78.6% Fibonacci of the CD leg suggests more attempts to achieve further extended targets, while breaching the point (C) could be accompanied with more momentum supporting the pair to reach 127.2% Fibonacci of the CD leg. In our case, this means a possibility of reaching 1.4560 as long as the pair is stable above 1.4365. Therefore, we expect the upside movement to extend today, but 4-hour closing above 1.4455 is required to confirm our expectations.

The trading range for today is among the major support at 1.4300 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.

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Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4400 and targeting 1.4560 and stop loss with 4-hour closing below 1.4300 might be appropriate.