The Exponential Moving Average 20 was able to support the pair to provide a 4-hour closing below 78.6% Fibonacci correction of the CD leg of the bearish AB=CD harmonic pattern. Trading below this correction at 1.0250 supports the extension of the downside movement; however, consolidation below the bottom of point (C) at 1.0140 is required to confirm our negative expectations.
The trading range for today is among the major support at 1.0005 and the major resistance at 1.0450.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
|Recommendation||Based on the charts and explanations above, we recommend selling the pair around 1.0255, and take profit in stages at (1.0125 and 1.0005) and stop loss above 1.0305 might be appropriate today.|