Weekly Report 27 Feb-02 March

The pair started to incline attempting to test the critical resistance at 1.0050, while price is gaining upside momentum as seen on momentum indicators, however we still need the awaited breach above this resistance in addition to the descending resistance of the falling wedge formation, that would accelerate the anticipated bullish move we have been waiting for.

The trading range for this week is expected among the key support at 0.9890 and the key resistance at 1.0150.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.

Previous Report

Support1.00000.99500.98900.98500.9800
Resistance1.00501.00801.01501.02001.0250
RecommendationBased on the charts and explanations above, we recommend buying the pair around 0.9950 targeting 1.0040 and 1.0075, stop loss below 0.9875.