Morning Report

The pair continued to trade positively yesterday within the minor ascending channel as shown on the secondary image, where this channel represents a suggested continuation flag pattern. Therefore, this structure supports the pair to resume the intraday downside correction which requires a clear breach of the channel's support at 1.3630 and consolidation below 1.3840.

The trading range for today is among the major support at 1.3480 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 with a breach of 1.3630, and take profit in stages at (1.3530 and 1.3435) and stop loss with 4-hour closing above 1.3840 might be appropriate