Morning Report

The pair inclined to cover the opening gap seen yesterday supported by momentum indicators that traded in oversold areas. In fact, the downside movement is still valid and could continue towards 1.3320-15, where a breach of which could trigger a test of 1.3110, as stability below 1.3910 supported the possibility of forming a harmonic structure, however, we will discuss the pattern later in case the pair completes the formation. In general, consolidation below 1.3775 could support the pair to extend the downside movement today, while any trading below 1.3910 should keep the negativity valid for the coming period.

The trading range for today is among the major support at 1.3320 and the major resistance at 1.3910.

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 selling the pair below 1.3710, and take profit in stages at (1.3530 and 1.3435) and stop loss with 4-hour closing above 1.3840 might be appropriate.