The pair retested 23.6% Fibonacci correction at 0.8930; however, it didn't provide consolidation above this level. This will keep the bearish Butterfly harmonic pattern effective, where the downside movement, which started from the top of point (D) is still valid, but consolidation below the mentioned correction is necessary to confirm the bearishness. On the other hand, stability below the Exponential Moving Average 50 at 0.8805 is critical to confirm our negative outlook.
The trading range for today is among the major support at 0.8505 and the major resistance at 0.9030.
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 0.8900, and take profit in stages at (0.8805 and 0.8740) and stop loss above 0.8990 might be appropriate today|