The pair attempts to incline, but the efforts are stopped by the bearish Butterfly harmonic structure, which continues to force downside pressures of the pair, while consolidation below 0.9235 suggests that the pair could provide more bearish attempts. Stochastic is stable above the 50-point level, while the relative strength index is stable below the 50-point level, while drives us to hold onto our negative outlook.
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 0.9235, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9335 might be appropriate|