Morning Report

The pair provided two attempts to close with 4-hour above 1.3680; however it failed, where this level represents the top of point (C) of the bullish Crab harmonic pattern. Consolidation below this level could trigger a downside correction, especially when momentum indicators are trading negatively, with a bearish technical structure seen below the mentioned level. 4-hour closing above 1.3680 is sufficient to lift the pair towards 1.3825 in stages.

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.

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.3620, and take profit in stages at (1.3565 and 1.3475) and stop loss with 4-hour closing above 1.3710 might be appropriate.