Morning Report

The pair fluctuated heavily, but then consolidated above 88.6% Fibonacci of the CD leg of the bullish Bat harmonic structure. Stability above this barrier suggests another attempt to consolidate above the top of (C) point at 1.4455, which couldbring abullish wave towards the extended targetat 127.2% Fibonacci correction of the same leg. We still expect an upside movement, but stability with 4-hour closing above 1.4300 is necessary to prove the bullishness.

The trading range for this week is among the major support at 1.4205 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 1.4390, targeting 1.4560 and stop loss with 4-hour closing below 1.4300 might be appropriate.