Weekly Report (July 19 - 23)

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Breaching the main support for the upside wave might add further downside pressure, but Stochastic lingers in oversold areas which might cause high volatility. Classically, a downside reversal has been provided on MACD and is why we expect a downside move this week and trading below 113.10 keeps our expectations valid.

The trading range for today is among key support at 107.25 and key resistance now at 115.75.

The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.

Previous Report

Support111.60111.05110.50110.50109.45Resistance112.10112.80113.10114.00114.40RecommendationBased on the charts and explanations above, our opinion is selling the pair around 112.10 targeting 110.50 and stop loss above 113.15 might be appropriate.