Morning Report

The pair surged to the upside breaching the main resistance for the downside wave transforming the formation to a falling wedge which is a positive pattern. Stability above 1.3380 is more reason for us to expect an upside move and probably retest areas around 1.3665. The price gap formed at 1.3200 areas was not covered yet stability above 1.3380 will force us to ignore the gap for now.

The trading range for today is among the major support at 1.3270 and the major resistance at 1.3665.

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

Previous Report

Weekly Report

Support1.34151.33801.33651.33001.3270
Resistance1.34901.35151.35651.36201.3665
RecommendationBased on the charts and explanations above, our opinion is buying the pair around 1.3415, and take profit in stages at (1.3515 and 1.3695) and stop loss with 4-hour closing below 1.3315 might be appropriate today