The support levels for the main descending channel has shown a strong stance in front of the third attempt to breach it last week, where the pair moved to the upside due to positive signs appearing through momentum indicators. The minor channel will organize the current bullish intraday wave – shown above -. …
Therefore, we can expect a bullish trend this week
; targeting initially 1.2480 then 1.2670, but keep in mind that the breach of 1.2135 will push the pair to resume the main bearish wave without the need to bullishly correct.The trading range for today is among the key support at 1.2135 and the key resistance at 1.2670.The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
The pair was not to build a base above Fibonacci correction 23.6% shown in last week’s report, however, the bullish mile continues for the pair shown above. The four hour time frame is showing oversold signs through the stochastic after a near positive crossover that encourages us to expect a bullish trend this week;
targeting chiefly 1.5000 and requiring stability above 1.4340.The trading range for today is among the key support at 1.4255 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 touched the previously broken support that turned into resistance at 91.45, which is also at 50% Fibonacci correction, shown above. The stochastic is losing bullish momentum and is nearing overbought areas, which makes usexpect a bearish trend this week
as its main targets start at 90.00 then 89.00. Keep in mind that this scenario will remain intact if we do not witness a daily closing above 92.30.The trading range for today is among the key support at 89.00 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.
Despite of trading continuing to trade within the upside short term channel, bearish technical signs are close to being fully completed and are expected to dominate the pair’s trading this week. The suggested neckline is at 1.1480, alongside negative signs appearing on Stochastic that make us expect a breach of the mentioned neckline, which will pave the way to achieve the bearish trend for this week;
targets start at 1.1345 then 1.1185. These expectations require trading to remain below 1.1640.The trading range for today is among the key support at 1.1185 and the key resistance at 1.1695.The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2000.
The pair continues its stable trading within the descending channel shown above, which represents the present bearish short term wave. MA 100 stands as good support in front of the pair, but the clear negativity on the stochastic encourages us to expect trades to continue naturally within the mentioned descending channel. Thus, we see that the bearish direction is expected this week
in overall; targeting 1.0390 then 1.0280. The breach of 1.0595 will weaken chances of achieving expectations.The trading range for today is among the key support at 1.0280 and the key resistance at 1.0695.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