Weekly Report(31 Oct - 04 Nov)
The pair rallied sharply to touch 111.00 and currently fluctuating around the 50 EMA, the level is showing a good resistance , which may lead to some fluctuation and downside correction before resuming the upside move toward the resistance of the main descending channel shown on image at 113.65. We should monitor price at that resistance very carefully, as breaching the level will signal further incline within the upcoming period and may extend the move toward 117.70.
The trading range for the week may be among the 107.70 support and 113.65 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 109.95 targeting 111.50 and stop loss below 108.95 may be appropriate for today.|