The pair declined sharply to test the trough C of the bearish Butterfly Pattern. Stability below the main harmonic support on the chart connecting A and C supports the downside move toward extended targets of the Butterfly Pattern. The 127.2% correction of CD leg at 0.9210 is the second extended target of the pattern and a break of which will push the pair lower toward 161.8% correction at 0.9130. The bearish outlook this week requires stability below 0.9425.
The trading range for this week is among the key support at 0.9130 and key resistance at 0.9460.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9275 0.9245 0.9200 0.9130 0.9080
Resistance 0.9305 0.9330 0.9370 0.9425 0.9460
Recommendation Based on the charts and explanations above, our opinion is selling the pair below 0.9305 targeting 0.9280, 0.9210 then 0.9130 and stop loss with four-hour closing above 0.9425 might be appropriate this week