Morning Report

The pair reaches now 23.6% Fibonacci correction of the CD leg of the bearish Butterfly harmonic pattern at 0.8920. The pattern's first target is around 38.2% Fibonacci correction at 0.8695, and we expect the downside movement to extend. Upside corrections are possible affected by momentum indicators, while any trading below 0.9185 and 0.9105 supports our negative expectations to prevail.

The trading range for today is among the major support at 0.8695 and the major resistance at 0.9235.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

Previous Report

Weekly Report

RecommendationBased on the chart and explanations above, we recommend selling the pair around 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9105 might be appropriate today