The pair provided the awaited breach of 0.8920, which confirms the continuous effect of the bearish Butterfly harmonic pattern and provides us with further indications that the downside movement could extend towards the pattern's first target, which represents the 38.2% Fibonacci correction of the Butterfly pattern. Stochastic is within oversold areas, which could trigger heavy fluctuations today, but stability below 0.9000 (EMA 20) and also trading below 0.8920 supports our suggested scenario to remain valid.
The trading range for today is among the major support at 0.8505 and the major resistance at 0.9185.
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 0.8920, and take profit at 0.8695 and stop loss above 0.9080 might be appropriate today|