The royal pair is trapped within a very narrow range since morning; whilst SMA 50 succeeded in preventing the pair from more upside recovery after testing the pivotal support around 0.8460. Just we need to remind you that the allover formation of the harmonic 5-0 pattern is bullish and thus, we are looking for potential reversal zones. Fibonacci level of 76.4% of the BC leg at 0.8410is our technical objective and the soft target resides at 61.8%.
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 0.8500 targeting 0.8410 and stop loss above 0.8565 might be appropriate.|