Weekly Report(16-20 Jan)
The pair successfully acquired the initial downside targets around 97.40 and continues to push to the downside after successfully breaching the support of a continuation flag pattern shown on image. This pattern supports the continuation of the downside move this week, also supported by the 50 EMA, mentioning that positivity on momentum indicators may lead to a retest of the breached support which turns into resistance now around 97.50. The awaited targets start at 95.70 followed by 94.85.
The trading range for the week is expected among the key support at 96.10 the key resistance at 99.00.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with around 97.50 targeting 96.10 and 94.85, stop loss with four-hour closing above 98.80 may be appropriate.|