To confirm the possible completion of the harmonic pattern suggested in our previous reports, the pair must stabilize above point X. Stochastic supports the possibility of returning to stabilize above this level. Yet on the other hand, we have signs of a classic bearish pattern that might push the pair to the downside shall the pair failed to trade above 0.8630, where this pattern is supported by the bearishness on RSI which is freely trading below 50.00. Therefore, we remain neutral for now and recommend staying tuned for our reports to come for more details.
The trading range for this week is among the key support at 0.8330 and key resistance now at 0.8720.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of0.8965remain intact.
|Recommendation||Based on the charts and explanations above we remain neutral awaiting more confirmations|