The pair inclined again, yet this incline was not able to lift the pair above the exponential moving average 50, while the pair is still stable below the level of 0.9235. The incline seen supported Stochastic to enter overbought areas, while the 50-point level forms a strong resistance for the indicator. All these factors together support the continuous effect of the bearish Butterfly harmonic pattern, which could pressure the pair to the downside today.
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 0.9180, and take profit in stages at (0.9110, 0.9045 and 0.8980) and stop loss above 0.9290 might be appropriate|