The pair failed to consolidate above 127.2% Fibonacci correction of the CD leg of the bullish Crab harmonic pattern, where the positive momentum settled for areas around the resistance at 1.3910 and was unable to reach 1.4010. Stability below 1.3825 suggests a possible downside movement, while a breach of 1.3680 supports the downside movement to extend further. Returning above 1.3825 revives our positive outlook.
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.
|Recommendation||Based on the charts and explanations above, we recommend selling the pair around 1.3775 and take profit in stages at (1.3710 and 1.3680) and stop loss above 1.3825, in case the pair reached our stop loss point, we recommend buying the pair around 1.3825, and take profit in stages at (1.3910 and 1.4010) and stop loss with 4-hour closing below 1.3775 might be appropriate.|