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.

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Weekly Report

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.