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.

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Weekly Report

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.