Morning Report

The pair is consolidating between 1.6300 levels and 1.6365 since yesterday; thus, we can't judge if the bearishness started after touching the minor resistance of 88.6% retracement of CD leg for the bullish harmonic AB=CD pattern will continue sending the pair lower or the current price behavior above 61.8% is a preparation for achieving more extended targets for the harmonic formation. Breaching 1.6250 -61.8%- will indicate that 88.6% was the ceiling of the effect of this pattern. Therefore, we prefer staying aside over intraday basis.

The trading range for today is among key support at 1.6075 and key resistance at 1.6550.

The general trend over short term basis is to the downsidetargeting 1.4225 as far as areas of 1.6875 areas remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself over coming sessions.