Morning Report

The pair continues to incline, while we witnessed several attempts to breach 127.2% Fibonacci correction of the CD leg of the bullish Crab harmonic pattern, where harmonic analysis principles suggest that consolidation above this level at 1.3825 could support the extension of the upside move towards 161.8% Fibonacci correction of the CD leg. A four-hour closing above 1.3825 is required to confirm the bullishness without the need for correction.

The trading range for today is among the major support at 1.3565 and the major resistance at 1.4010.

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

Previous Report

Weekly Report

Support1.37501.37101.36651.36101.3565
Resistance1.38251.38401.38801.39701.4010
RecommendationBased on the charts and explanations above, we recommend buying the pair around 1.3710, and take profit in stages at (1.3825 and 1.3910) and stop loss with 4-hour closing below 1.3620, or buying the pair above 1.3825 and take profit in stages at (1.3910 and 1.4010) and stop loss with 4-hour closing below 1.3710 might be appropriate