The pair continued the bullish wave, shown in the previous weekly report nearing from resistance for the main descending channel that meets with 38.2% Fibonacci correction at 1.2565.
We expect the ascend to touch the mentioned level, but by observing Stochastic we find that it is facing major overbought signs; thus making usrecommend observing the pair when it reaches the mentioned level to insure the short term intraday trend more precisely.
The trading range for today is among the key support at 1.2000 and the key resistance at 1.2780.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair continued to insure the breach of the neckline shown in our previous reports at 1.4770, where the way is opened to reach upcoming resistance 61.8% around 1.5000. In overall, we expect a bullish trend this week
that may extend it targets towards 1.5200 then the resistance level for the bearish short term direction at 1.5350, due to support from trading above SMA 100 where a positive crossover is appearing on Stochastic. Keep in mind that the breach of 1.4700 will weaken chances of achieving this scenario that may lead to some bearish movement.
The trading range for today is among the key support at 1.4660 and the key resistance at 1.5350.
The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
The pair managed to insure some descend after breaching support for the minor ascending channel, in addition to the mentioned neckline from our previous reports for the bearish technical pattern. The pair has currently returned to ascend due to the positive effect of momentum indicators, therefore we expect it to lead to a retest of the breached support that has turned into resistance that has currently ascended towards levels between 91.45 – 91.65. Due to the ascend, we think that the pair will resume the expected bearish direction for this week
; key targets start at 88.90. We think that stability in trading above 92.00 – 92.30 could make the expected bearish direction scenario fail.
The trading range for today is among the key support at 88.00 and the key resistance at 92.90.
The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
The pair continues its strong descending push to recently breach 50% Fibonacci correction at 1.1115. Trading now is occurring within the previously breached key bullish channel, where we see that the pair will naturally head towards support for this channel that is around 1.0785 that meets with 76.4% Fibonacci correction for the last bullish wave, which has started from 1.0500 ending with a top 1.1730. We expect a bearish trend this week
that targets support mentioned earlier, but with chances of some fluctuation and upside slant due to the positive effect of momentum indicators.
The trading range for today is among the key support at 1.0785 and the key resistance at 1.1260.
The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
The pair continues its negative pressure insuring the breach of the neckline for the bearish technical pattern shown previously at 1.0330 as it currently enters within the breached descending channel that is trading below resistance, which has currently descended towards 1.0210. These factors alongside stability below the MA 100 make us expect a bearish trend for this week
; key targets are around 0.9925 that meet with the complete targets of the mentioned bearish technical target. Keep in mind that the breach of 1.0235 could postpone achieving bearish targets and lead to some upside movement that may target resistance for the short term at 1.0330.
The trading range for today is among the key support at 0.9925 and the key resistance at 1.0330.