Morning Report

The pair just formed an intraday continuation bearish flag pattern as shown on the image, however, trading is consolidating above the 50% Fibonacci correction of the latest bullish wave, in addition to that, near the descending support of the broadening formation while Stochastic is near oversold areas. Therefore, we will remain on the sideline this morning awaiting more confirmations for the possible upcoming move before the midday report.

The trading range for today is among the major support at 1.3380 and the major resistance at 1.4080.

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 staying aside awaiting more confirmations.