Morning Report

The resistanceof 1.4455 stopped the pair's positive momentum yesterday, and then the pair returned to downside. This resistance represents the top of (C) point of the bullish Bat harmonic pattern, while the pair should stabilize above this point to reach the target of 127.2% Fibonacci correction of the CD leg at 1.4560. As we expect, the upside movement is still possible, however, the RSI and ADX reflect weakening positive momentum. We recommend caution in case a breach of 1.4340 with 4-hour closing below.

The trading range for this week 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.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4365, targeting 1.4560 and stop loss with 4-hour closing below 1.4300 might be appropriate.