Morning Report

The Crab harmonic pattern shown above on the chart was able to support the pair to reach the first target at 38.2% Fibonacci correction. We still expect that the Crab harmonic pattern is able to push the pair further to the upside towards the second target at 1.3475, which represents 61.8% Fibonacci correction of the CD leg, noting that 50% Fibonacci correction is a strong barrier.

The trading range for today is among the major support at 1.3080 and the major resistance at 1.3515.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly Report

Support1.32701.32201.31601.31101.3080
Resistance1.33651.33951.34351.34751.3495
RecommendationBased on the charts and explanations above, we recommend buying the pair around 1.3280, and take profit in stages at (1.3410 and 1.3475) and stop loss with 4-hour closing below 1.3220.