The pair is unable to pass the first potential reversal zone of the bearish Butterfly harmonic pattern, which suggests that these levels around 0.9210 are sufficient to complete this pattern. Therefore, we expect a downside movement today, but our negative expectations require consolidation below 0.9290 with 4-hour our closing. A breach of 0.9120 should confirm the downside movement, which targets the level of 0.9050.
The trading range for today is among the major support at 0.8975 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, our opinion is selling the pair around 0.9200, and take profit at 0.9050 and stop loss with 4-hour closing above 0.9290 might be appropriate today.|