Morning Report

The pair inclined again after founding a base around 1.3825, while we see it trading today above 127.2% Fibonacci extension of the CD leg of the bullish Crab harmonic pattern. Consolidation above this level could support the upside move to extend towards the last target of the pattern, which represents the 161.8% Fibonacci extension of the CD leg at 1.4010. The mentioned level is very critical, because it represent the 61.8% Fibonacci correction as shown above on the chart.

The trading range for today is among the major support at 1.3720 and the major resistance at 1.4150.

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

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RecommendationBased on the charts and explanations above, we recommend buying the pair around 1.3880, and take profit at 1.4010 and stop loss below 1.3820 might be appropriate.