Morning Report

We didn't witness any 4-hour closing below 1.3270, which means that the pair is stable above 23.6% Fibonacci correction of the CD leg of the bullish Crab harmonic pattern, settling above this correction pushed the pair to incline sharply to the upside and settles above 38.2% and then 50% Fibonacci corrections, and that could also trigger an upside move towards the 61.8% Fibonacci correction of the CD leg at 1.3475. we expect the pair to extend the upside move towards further targets of the bullish Crab harmonic pattern as long as the pair is stable above 38.2% Fibonacci correction at 1.3350. Reaching the pattern's first extended target, which represents 78.6% Fibonacci correction at 1.3565, is still possible.

The trading range for today is among the major support at 1.3110 and the major resistance at 1.3565.

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

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RecommendationBased on the charts and explanations above, we recommend buying the pair around 1.3390, and take profit in stages at (1.3475 and 1.3565) and stop loss with 4-hour closing below 1.3270.