Morning Report

The bearish Head and Shoulders pattern was completed after the breach of 1.3665, while this pattern could trigger a test of areas around 1.3285 at least and this level represents 61.8% Fibonacci correction of the pattern. As shown above on the chart, the pair is currently trading below 61.8% Fibonacci correction of the bullish wave, which started from 1.3145 reaching 1.4247, where this wave could support the pair to reach78.6% Fibonacci correction of the mentioned wave, followed by the suggested target of the classic pattern. Consolidation below the pattern's neckline at 1.3665-95 is necessary for our negative expectations.

The trading range for today is among the major support at 1.3285 and the major resistance at 1.3840.

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

**New York Candlesticks**

Previous Report

Weekly Report

Support1.35151.34901.34101.33801.3310
Resistance1.35651.36201.36651.36951.3740
RecommendationBased on the charts and explanations above, we recommend selling the pair around 1.3565, and take profit in stages at (1.3410 and 1.3285) and stop loss with 4-hour closing above 1.3665 might be appropriate.