The pair declined again below 0.9235, which could indicate that the Butterfly pattern could have been completed in areas around 0.9330, which is normal and meets the rules of the harmonic analysis. We expect a negative bias today, supported by the harmonic structure and the relative strength index, which breached the 50-point level negatively. The pattern's first target is at 0.9110, yet a breach of this level could support the pair to extend the downside movement towards the pattern's second target at 0.8980.
The trading range for today is among the major support at 0.8980 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 (0.9110, 0.9045 and 0.8940) and stop loss above 0.9235 might be appropriate|