Weekly Report (April 25-29)

The pair consolidated around the minor breached support at 0.9525 with steady daily closings below this level, and accordingly we expect the downside move to continue this week targeting 0.9300 areas. Momentum indicators are moving near oversold areas which might increase the volatility and the upside correctional bias. In general, stability below the resistance for the main downside channel at 0.9680 is the main support for the expected downside trend.

The trading range for this week is among the major support at 0.9270 and the major resistance at 0.9680.

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

Previous Report

Support0.94700.94000.93500.93000.9270
Resistance0.95250.96000.96650.96950.9715
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9525 targeting 0.9300 and stop loss above 0.9680 might be appropriate this week