Yesterday, the pair reached below 1.3820, which negated our previous intraday expectations. However, the pair rebounded to the upside quickly and consolidated above this level, which indicates that this breakout could be a false one. The pair is very close to 1.4010, which represents the last extended target of the bullish Crab harmonic pattern (on the right) and the first potential reversal zone of the bearish Butterfly harmonic pattern (on the left). Therefore, we expect the pair to extend the upside movement today, yet we remain neutral due to the proximity to the suggested reversal zone. Consolidation above 1.4075 negates the bearish reversal temporary.
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.
|Recommendation||Based on the charts and explanations above we remain neutral awaiting more confirmations|