Weekly Report (April 18-22)

The pair is trading with a downside bias with returning below the critical support mentioned in our previous reports -now resistance- that ascended towards 1.4470. We have a bearish technical formation pressuring the pair south to the support for the main ascending channel at 1.4280 while Stochastic provided positive signals confirming thegeneral upside trend for this weektargeting areas from 1.4600 then 1.4725. The breach and stability below 1.4280 will trigger a temporary downside correction.

The trading range for this week is among the major support at 1.4200 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.

Previous Report

RecommendationBased on the charts and explanations above we recommend buying the pair around 1.4280 and taking profit in two stages at 1.4395 then 1.4470 and stop loss below 1.4170 might be appropriate this week