The pair is biased to the upside, especially after reaching between the support levels at 0.8950 and 0.8900, while currently the pair is moving gradually towards the first potential reversal zone of the suggested Butterfly harmonic pattern at 0.9210. Consolidation above this level could support the pair to extend the upside movement towards areas around 0.9400, which is the pattern's second potential reversal zone. Therefore, we expect an upside movement today, which requires stability above 0.8900 and above 0.9050 is much better to confirm our bullish outlook.
The trading range for today is among the major support at 0.8850 and the major resistance at 0.9400.
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 buying the pair around 0.9080, and take profit at 0.9210 and stop loss below 0.8975 might be appropriate today. But, we negate our recommendation in case the pair reached the suggested target and the returned to the entry point.|