The pair declined during the previous session but we can see how SMA 50 prevented it from more downside acceleration. It seems as if its some kind of pause before resuming the bearishness of the CD leg of the 5-0 pattern. Anyway, we hold onto our morning predications for the rest of the daybut all what we need is a breakout below SMA 50 to activate this harmonic scenario. Fibonacci of 76.4% at 0.8410 is under microscope.
The trading range for today is among the key support at 0.8380 and key resistance now at 0.8585.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair around 0.8515 targeting 0.8410 and stop loss above 0.8590 might be appropriate.|