The pair rushed to the upside to breach the critical 0.8920 negating the harmonic butterfly pattern mentioned in our previous reports. For now, we see the path clear to extend the intraday bullishness within the correctional formation for the last downside wave from 1.1730 to 0.7074, especially with stability above 38.2% Fibonacci correction. A positive formation is seen over daily basis where the pair breached its neckline at 0.8930 supporting by that our positive expectations for today. Targets are mainly at 0.9390 and require stability above 0.8920.
The trading range for today is among the major support at 0.8835 and the major resistance at 0.9390.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 0.8930 targeting 0.9120 and 0.9245 and stop loss with four-hour closing below 0.8835 might be appropriate|