Stability above 23.6% and the support from the MA 50 make us favor the general upside move this week, though we might witness some volatility due to the negativity on Stochastic. Stability above 1.4455 is required for our expectations to prevail.

The trading range for this week is among the major support at 1.4455 and the major resistance at 1.4940.

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

The pair stabilized above the MA 50 in addition to breaching 23.6% Fibonacci correction that turned into resistance after its breach. The pair is approaching gradually the resistance for the minor descending channel shown within the main channel, and we favor the likelihood for the pair to breach this resistance to resume the upside move expected for this week, targeting the recently recorded top around 1.6475. Stability above 1.6370 is required for our expectations to prevail.

The trading range for this week is among the major support at 1.6210 and the major resistance at 1.6900.

The short-term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

The pair stabilized below the support for the continuation flag pattern mentioned in our previous reports that resides with the 23.6% Fibonacci correction and therefore, the path is clear for the pair to resume the downside move this week targeting mainly the return to the general downside move by the breach of 79.65 (previously breached descending channel’s resistance). Targets start at 78.00 and require stability below 81.40. 

The trading range for this week is among the major support at 77.70 and the major resistance at 82.50.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

The downside bias is still controlling the pair, as the minor descending channel is organizing trading with the downside pressure from the MA 50. We expect the pair to resume the downside move this week targeting the support for the main descending channel at 0.8235, which we should observe when reached as the pair might reverse higher ideally within the descending channel. Breaching areas of 0.8400 will delay the downside move and drive the pair towards 0.8550.

The trading range for this week is among the major support at 0.8150 and the major resistance at 0.8550.

The short-term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

The pair retested the breached support for the rising wedge and reversed to the downside to face 61.8% Fibonacci correction that is forming good support for now. Last week’s trading was caught between the wedge support and above the resistance for the main descending channel shown above. Therefore, we need more confirmations for the coming move by observing the pair around the mentioned levels and accordingly we recommend observing our coming reports for more details.

The trading range for this week is among the major support at 0.9565 and the major resistance at 1.0000.

The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.