The pair is affected by the bearish Butterfly harmonic pattern and is currently stable below the EMA 20 at 0.9020. We expect the pair to provide more attempts to consolidate below 23.6% Fibonacci correction at 0.8930 and extend the downside movement towards 38.2% Fibonacci correction of the CD leg of the bearish Butterfly pattern around 0.9695, supported by trading below 0.9185 and the bearishness will be more confirmed with trading below 0.9105.
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.
|Recommendation||Based on the chart and explanations above, we recommend selling the pair below 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9185 might be appropriate today|