Morning Report

The pair attempts to approach the first target of the bullish Crab harmonic pattern, which represents 38.2% Fibonacci correction at 1.3350 in attempts to breach this level. Stochastic is turning positive, which could support the pair to breach the mentioned level, while the Relative Strength Index set a base above 50 points. Therefore, we hold onto our positive expectations, but stability above 1.3270 is necessary to confirm the upside movement without any sharp downside correction before resuming the suggested bullish wave.

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 1.3310, and take profit in stages at (1.3410 and 1.3475) and stop loss with 4-hour closing below 1.3220.