The pair continued its upside push where it managed to breach the resistance level for the descending short term channel, surpassing the breached retest line for the previously mentioned bearish technical pattern at 1.2130.
These factors alongside bullish momentum will continue appearing through momentum indicators, which encourage us to expect a bullish trend this week considered to be natural trading within the descending medium term channel; targets start at 1.2365 and should be observed when the pair reaches it, since breaching it will pave the way towards 1.2600 – 1.2630. These points out that achieving stability below 1.2060 will make the bullish direction scenario fail and make the bearish trend’s pace to return once again.
The trading range for this week is among the key support at 1.1945 and the key resistance at 1.2630.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The rising wedge pattern continues to affect the pair last week as it manages to achieve negative pressure on the pair, pushing the pair towards 1.4340 after breaching its support. Meanwhile, we notice that 38.2% Fibonacci correction will descend from 1.5497 towards 1.4229, where the pair has resisted pushing upwards in two technical attempts. The pair stabilized above SMA 100, where strong positive signs are appearing through the stochastic, alongside signs of a bullish technical pattern appearing on the four hour chart above. These factors combined make us expect a bullish trend this week; targeting mainly 1.5000 and requiring first the breach and building a base above 1.4705 – mentioned 38.2% Fibonacci -. Keep in mind that the breach of 1.4500 will make the expected ascending scenario to fail.
The trading range for this week is among the key support at 1.4240 and the key resistance at 1.5000.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair stabilized trading within the minor ascending channel within the chief upside channel that appears through the chart above, where the pair has found a hard time in surpassing SMA 50. Meanwhile, support for this minor channel at 91.45 will meet with the breached 50% Fibonacci correction that has currently turned into support. This support the positive signs appearing on Stochastic, where all these factors encourage us to expect a bullish direction this week and its targets will start at 93.30 then 95.00; requiring stability above 90.60.
The trading range for this week is among the key support at 90.00 and the key resistance at 95.00.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair attempting to surpass the previously breached neckline at 1.1480 – previous sideway support – although it was unable to build a base above it as trading is wedged between 1.1480 and 1.1425. The pair opened the week on a bearish gap but was able to directly cover it – shown in the image above -; therefore, pointing to ongoing negative pressure that is supported by negative signs appearing on Stochastic and thereby making us expect a bearish trend for this week starting with a clear breach of 1.1425, and heading towards 1.1330 then 1.1245 initially. Keep in mind that the breach of 1.1550 could lead the pair to turn into an ascend.
The trading range for this week is among the key support at 1.1180 and the key resistance at 1.1675.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair managed to achieve a breach of support for the last bullish wave shown in red above, accompanied by the breach of the neckline for the bearish technical pattern shown in our past report at 1.0335. These factors alongside stability below SMA 100 make us expect that this week’s direction is bearish in overall; targeting 1.0115 and then attempting to achieve negative pressure to achieve the bearish technical targets that are below 1.0000. Keep in mind that the breach of 1.0480 holds the keys to making the expected bearish technical scenario fail.
The trading range for this week is among the key support at 0.9925 and the key resistance at 1.0585.