Weekly Report (April 11 - 15)

We continue to assess the pair's movement over four-hour basis to see that the intraday descending channel continues to control the wave, while the SMA 50 is providing further support for the channel and protects its resistance; Stochastic also provided bearish signals supporting the mentioned negative factors. Therefore,we expected a downside move for this weektargeting next areas of 0.9350 though breaching areas of 0.9605 might delay the awaited targets.

The trading range for this week is among the major support at 0.9300 and the major resistance at 0.9745.

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

Support0.95500.94950.94700.94000.9350
Resistance0.96050.96650.97000.97450.9795
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9605 targeting 0.9400 and stop loss above 0.9745 might be appropriate this week