Stability below 0.9225 areas supports the possibility for the pair to extend the downside wave aiming at areas around 0.9125 where the harmonic Crab Pattern will be completed. Stochastic is currently in overbought areas and accordingly we expect the pair to move to the downside towards 0.9170 areas then to the projected pivotal reversal point of the suggested harmonic pattern.
The trading range for today is among the major support at 0.9010 and the major resistance at 0.9365.
The short-term trend is to the upside with steady weekly closing above 0.8850 targeting 0.9950.
*The chart above is based on NY time*
|Recommendation||Based on the charts and explanations above our opinion is selling the pair below 0.9220 targeting 0.9170 and 0.9125 and stop loss with four-hour closing above 0.9260 might be appropriate|