The pair is currently trading around the potential reversal zone of the Butterfly pattern at 0.8920 in attempts to breach this level. But, observing momentum indicators, we find they are ready to reverse negatively. Furthermore, consolidation below the psychological level at 0.9000 could force the pair to reverse to the downside. We hold onto our negative expectations, supported by the bearish harmonic structure, but stability above 0.8920 suggests the upside move to extend towards 0.9105.
The trading range for today is among the major support at 0.8460 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 0.8920, and take profit in stages at (0.8640 and 0.8540) and stop loss above 0.9040 might be appropriate today.|