The sharp decline seen yesterday was unable to provide 4-hour closing below 1.4410, which could support the pair to attempt reaching 127.2% Fibonacciretracement of the CD leg of the bullish Bat harmonic pattern. The positivity could return today, as stability above 1.4455, which represents the top of (C) point, should confirm the bullishness, while 4-hour closing below 1.4365 should negate our expectations for an intraday upside movement.
The trading range for today is among the major support at 1.4255 and the major resistance at 1.4700
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 1.4410, targeting 1.4560 and stop loss with 4-hour closing below 1.4325 might be appropriate.|