Weekly Report (25-29 july)
On the main chart, we can see that the pair is trading within the possible rising wedge formation that resides inside the main asending channel shown in image. over the four-hour timeframe, a bullish technical pattern may be underdeveloment, the potential neckline of the pattern resides at 0.8845, thus, we are at a junction, where breaching the mentioned neckline will open the door toward 0.9000, while breaching 0.8750 will lead to testing 0.8550 level, therefore, we need to monitor trading carefully during the upcoming period around those sensitive levels to get more confirmations for the move.
Trading range for the week among the major support at 0.8550 and the major resistance at 0.9000.
The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with four-hour closing below 0.0.8750 targeting 0.8550 and stop loss below 0.8845 may be appropriate.|