Morning Report

The pair rebounded sharply to the upside, where as shown above on the chart, it was able to reach the top of point (C) of the previously mentioned bullish AB=CD harmonic pattern. We recognize an ascending channel now, which started from the bottom of point (D) and supports the pair to achieve further extended targets, especially when it's stable above the pattern's second target at 76.85, which represents the 61.8% Fibonacci correction. In result, we expect an upside move for today.

The trading range for today is among the major support at 75.25 and the major resistance at 78.45.

The short-term trend is to the upside as far as 75.20 remains intact targeting 87.45.

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Weekly Report

RecommendationBased on the charts and explanations above, we recommend buying the pair around 76.85, targeting 78.80 and stop loss below 75.80 might be appropriate.