Weekly Report (April 11 - 15)

The pair rushed higher and succeeded in closing above the support for the general upside wave shown above around 1.4440. This is considered a strong indication for the resumption of the general upside move, though we might witness some volatility and fluctuations with a downside bias due to the negativity on momentum indicators. Expected targets start around 1.4580 then 1.4725 and require stability above 1.4350.

The trading range for this week is among the major support at 1.4280 and the major resistance at 1.4725.

The short term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4440 targeting 1.4625 and stop loss below 1.4350 might be appropriate this week