Weekly Report (April 25-29)

The pair is still trading steadily within the main ascending channel that carried short term trading, while the SMA 50 still supports the upside wave as required. Therefore, we expect a general upside move this week targeting initially 1.4800 yet we should expect some volatility until the pair unloads the negative momentum. Our expectations require stability above 1.4520-1.4490 so that the target is not postponed.

The trading range for this week is among the major support at 1.4400 and the major resistance at 1.4800.

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 1.4520 targeting 1.4725 and stop loss below 1.4420 might be appropriate this week