The pair found a support level around 0.9125, where this level represents 23.6% Fibonacci correction of the CD leg of the bearish Butterfly harmonic pattern. But, any trading below 0.9235 suggests more bearishness, as the bearish Butterfly harmonic pattern remains effective as long as the pair is below this level. MACD is negative, which supports our expectations, but a breach of 0.9125 is required to confirm our negative outlook.
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.
|Recommendation||Based 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.|