Weekly Report(31 Oct - 04 Nov)
The 38.2% Fibonacci level formed a good resistance and halted the pair's upside attempts, while the pair is trading within a sideways range - shaded in yellow. In general, consolidation above the breached resistance of the correctional channel in addition to to trading above the 50 EMA; factors that support an upside move for this week, mentioning that two conditions are required, a clear breach of 0.8805 and steady trading above 0.8670-0.8635.
The trading range for the week may be among the 0.8635 support and 0.9000 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
|Recommendation||Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8805 targeting 0.9000 and stop loss below 0.8720 may be appropriate.|