Weekly Report (02-06 August)

The pair succeeded in consolidating above the 61.8%correction at 1.2990 stable within the ascending channel shown above. Momentum indicators provided negative signals that might push the pair to the downside to retest this level, yet in general we expect a bullish move for this week targeting areas at 1.3260 then 1.3400 which requires steady daily closing above 1.2990.

The trading range for this week is expected between the support at 1.2840 and the resistance at 1.3400.

The short term trend is to the downside as far as areas of 1.3770 remain intact targeting 1.1700.

Based on the charts and explanations above our opinion is buying the pair around 1.2990 targeting 1.3260 and stop loss below 1.2840 might be appropriate this week

The pair succeeded in consolidating above the 61.8%correction at 1.2990 stable within the ascending channel shown above. Momentum indicators provided negative signals that might push the pair to the downside to retest this level, yet in general we expect a bullish move for this week targeting areas at 1.3260 then 1.3400 which requires steady daily closing above 1.2990.

The trading range for this week is expected between the support at 1.2840 and the resistance at 1.3400.

The short term trend is to the downside as far as areas of 1.3770 remain intact targeting 1.1700.

Previous Report

Support1.29901.29451.28851.28401.2775
Resistance1.30901.31651.31901.32601.3355
RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.2990 targeting 1.3260 and stop loss below 1.2840 might be appropriate this week