Morning Report

The pair reached below 1.3680, but then rebounded sharply to the upside to currently approaching areas of 127.2% Fibonacci correction of the CD leg of the Bat harmonic pattern. Any 4-hour closing above 1.3825 is sufficient to push the pair into another bullish wave, which could lift the pair towards 161.8% Fibonacci correction of the CD leg of the harmonic structure, but without stability above 1.3825 this bullish attempt could fail. Therefore, we expect an upside move today, awaiting a 4-hour closing above 1.3825 to confirm 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.

Previous Report

Weekly Report

Support1.37801.37201.36801.36201.3565
Resistance1.38251.38401.38801.39101.3970
RecommendationBased on the charts and explanations above, we recommend buying the pair with 4-hour closing above 1.3825, and take profit at 1.4010 and stop loss with 4-hour closing below 1.3720 might be appropriate.