Weekly Report (Aug 30 - Sept 3)
And pair declined severely Friday, affected by the downside technical pattern at 1.0530, accordingly, we expect that pair to return and test the downside channel's resistance levels that turned into support at 1.0425. Currently the pair is trading within the rising channel shown in the above chart, where momentum indicators are showing overbought areas, forcing an expectation for a divergence in trading after the retesting phase, therefore, the general trend for this week is to the upside, with targets at 1.0700 that requires a daily closing above 1.0340.
The trading range for today is among the major support at 1.0340 and the major resistance at 1.0825.
The short term trend is to the upside as far as 0.9925 is intact with targets at 1.1485.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair near 1.0425 targeting 1.0625 and stop loss below 1.0325 might be appropriate|