During the past period, the pair was trading within sideway range above the support as shown above in pink, and also the pair is still stable above 61.8% Fibonacciretracement of the CD leg of the bullish Bat harmonic pattern. All these factors together support our positive expectations to remain valid supported by the harmonic pattern, while trading above 1.4300 should increase the positivity chances. On the other hand, stability above 1.4455 is necessary to confirm the possibility of reaching 127.2% Fibonacci correction of the CD leg of the harmonic pattern.
The trading range for today is among the major support at 1.4255 and the major resistance at 1.4560
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 targeting 1.4560 and stop loss with 4-hour closing below 1.4300 might be appropriate.|