The pair inclined to currently approach the potential reversal zone of the bearish Butterfly harmonic pattern. The level of 0.9235 represents a critical intraday barrier, while we expect the pair to enter a downside correction again. Stochastic supports our negative expectations, but consolidation above 0.9290 should negate our intraday expectations.
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 around 0.9200, and take profit in stages at 0.9105 and 0.9050 and stop loss above 0.9290 might be appropriate.|