Morning Report

The pair is trading above 88.6% Fibonacci correction of the CD leg of the bullish Crab harmonic pattern, and also below the top of point (C) of the pattern. In the same time, the pair is currently above the ascending channel's breached resistance as shown above on the chart. Consolidation above 1.3680 is needed to confirm the upside movement, as the harmonic rules indicate that stability above the top of point (C) extends the pattern's target, but consolidation below 1.3620 (88.6% Fibonacci correction) could trigger an intraday downside movement. Therefore, we remain neutral today, awaiting further confirmations.

The trading range for today is among the major support at 1.3390 and the major resistance at 1.3825.

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 remain neutral awaiting more confirmations