Despite of breaching the resistance line, which dominates the bearishness from D point -PRZ of the previous discussed double top Gartley pattern- but the pivotal resistance of 0.8480 stopped the upside recovery. The bearish candlestick formation along with Stochastic entering overbought areas suggests that the negative pressure of the harmonic structure might continue over intraday basis. Areas of 0.8410, which represent 76.4% Fibonacci of CD leg-, should be breached to confirm resuming the journey towards the extended technical targets, mentioned in the weekly report.
The trading range for today is among the key support at 0.8330 and key resistance now at 0.8605.
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 our opinion is, selling the pair around 0.8460 targeting 0.8370 and stop loss above 0.8525 might be appropriate.|