The pair moved to the downside,breaching the support levels for the main descending channel due to the effect of the breach of the bearish technical pattern’s neckline at 1.2140, which will cause a quick bearish trend. Some minor bullish correction is expected to retest the broken support that has turned into resistance at 1.2040 before start achieving more expected bearish movement for this week; targeting mainly 1.1700 – the bearish short term trend -.
It is vital achieving stability above 1.2040 – 1.2140 that could lead to a bullish correction.
The trading range for today is among the key support at 1.1625 and the key resistance at 1.2215.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair managed to breach support for the ascending wedge pattern shown above, where it started a sharp bearish wave which has stopped at the horizontal pivotal support at 1.4395. Signs of a bearish technical pattern are still under formation, where its completing will achieve some minor bullish correction followed by resuming theoverall expected bearish trend this week, which in role will attack the suggested neckline for this pattern at 1.4395. If the pair succeeds in achieving the suggested scenario, the awaited targets will start at 1.4220 then 1.4000. Keep in mind that the breach of 1.4595 will cause the suggested scenario to fail.
The trading range for today is among the key support at 1.4000 and the key resistance at 1.4795.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair was not able to build a base above 61.8% Fibonacci correction for the last bearish wave, in addition to trading below MA 200. In the image above, we find that the pair has breached support for the minor ascending channel that has managed to organize the last bearish direction. This signs in addition to overbought signs appearing on momentum indicators makes us expect a bearish trend this week; where main targets are expected to be at 88.60. Keep in mind that the breach of 92.90 will lead to a direction ascend towards 95.00.
The trading range for today is among the key support at 88.60 and the key resistance at 93.30.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair returned within the bullish trend once again after attempting to bearishly correct for retest the previously breached resistance level around 1.1400. Trading will be wedged within a sideway range, shown above, which could continue until the pair is able to rid of the clear negative momentum appearing on the four-hour chart, then head towards continuing the expected bullish weekly trend, where its main targets start at 1.1965. Keep in mind that stability will be achieved below 1.1480 and may pave the way to returning to attempt to bearishly correct once again.
The trading range for today is among the key support at 1.1380 and the key resistance at 1.1965.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair managed to build a base on 50% Fibonacci correction, supported by ascending support shown in red above, in addition to MA 100’s support. The pair is pushing upwards and is nearing pivotal resistance 1.0740 that we think represents insuring the bullish direction expected over weekly basis. The stochastic is showing bullish signs that support expectations of a possible ascend this week, where its technical targets start at 1.1000 then 1.1095.
The trading range for today is among the key support at 1.0335 and the key resistance at 1.1095.
The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Main Technical Analyst