Yesterday, the pair reached around 0.8725 and then rebounded to the upside affected by trading within the minor descending channel, which controls the pair's movement over intraday basis. Momentum indicators provide negative signs as shown on the daily interval, which support our expectations for an intraday downside movement today. The harmonic structure mentioned in our previous reports is still valid targeting 0.8460; however, stability below 0.8920 is necessary for the pattern to remain valid.
The trading range for today is among the major support at 0.8540 and the major resistance at 0.9105.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
|Recommendation||Based on the chart and explanations above, we recommend selling the pair around 0.8820, and take profit in stages at (0.8640 and 0.8540) and stop loss with 4-hour closing above 0.8920 might be appropriate today|