A possible bearish butterfly harmonic pattern could be developing; price now is trading below the 61.8% Fibonacci for the CD leg of the pattern, and this level at 0.9960 has turned into a resistance , where stability below it favors a retest of the 78.6% level at 0.9935, if breached we may see an extension of the move towards the 127.2% level at 0.9865. Taking into consideration that stability below 0.9995 is required for the negativity to remain intact.
The trading range for today is expected among the key support at 0.9815 and resistance at 1.0100.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9880.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair below 0.9960 targeting 0.9905 and 0.9865 and stop loss above 0.9995.|