Morning Report

The pair is still biased to the upside, approaching 127.2% Fibonacci correction of the CD leg of the bullish Bat harmonic pattern at 1.4560, which is our target since weeks. According to the technical harmonic analysis, stability above 1.4455 suggests retesting the mentioned level; however, consolidation above this level should support the pair to retest 1.4700, which represents the extended target 161.8% of the CD leg of the harmonic structure. In return, we will hold onto our positive expectations.

The trading range for today is among the major support at 1.4365 and the major resistance at 1.470

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 1.4490, and take profit in stages at (1.4565, 1.4620 and1.4700) and stop loss with 4-hour closing below 1.4410 might be appropriate.