Morning Report

Consolidation below 0.9235 reflects the effect of the bearish Butterfly harmonic pattern, where this pattern could trigger a downside movement towards 0.9050 and maybe 0.8940, as these levels represent the pattern's targets at 38.2% and 61.8% Fibonacci corrections of the CD leg respectively.

The trading range for today is among the major support at 0.8940 and the major resistance at 0.9370.

The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.

Previous Report

Weekly Report

RecommendationBased on the chart and explanations above, our opinion is selling the pair below 0.9200, and take profit in stages at 0.9105 and 0.9050 and stop loss above 0.9290 might be appropriate.