The trading range for this week is expected between the support at 84.70 and the resistance at 87.65.

The short term trend is to the downside as far as areas of 101.65 remain intact targeting 82.60.

Based on the charts and explanations above our opinion is selling the pair around 87.65 targeting 85.95 and stop loss above 88.70 might be appropriate this week

Weekly Report (02-06 August)

The pair is attacking the support for the current sideways range at 1.0395 in an attempt to confirm the end of the previous bullish medium term wave, supported by negative momentum on Stochastic. We expect a downside move this week activated with the breach of 1.0395 as far as the pair is stabile below 1.0560, where targets are at 1.0130 then 1.0000.

The trading range for this week is expected between the support at 1.0000 and the resistance at 1.0560.

The short term trend is to the upside as far as areas of 1.0200 remain intact targeting 1.2295.

Based on the charts and explanations above our opinion is selling the pair with the breach of 1.0395 targeting 1.0130 and stop loss above 1.0560 might be appropriate this week

Weekly Report (02-06 August)

The pair started serious attempts at breaching the neckline for the negative pattern shown in our previous report at 1.0275; where momentum indicators are providing more negative signals alongside stabilizing below 50 Days MA. Therefore, we expect a downside move this week targeting initially 1.0135 which is the basis for the short term direction, as breaching it extends the downside move.

The trading range for this week is expected between the support at 1.0000 and the resistance at 1.0470.

The short term trend is to the upside as far as areas of 0.9925 remain intact targeting 1.1485.

Based on the charts and explanations above our opinion is selling the pair with stability below 1.0275 targeting 1.0135 and stop loss above 1.0385 might be appropriate this week

Weekly Report (02-06 August)

The pair confirmed the breach for the neckline of the bullish pattern shown above which turned into support at 1.5465. The pair is attempting to confirm the breach of the critical resistance over short and medium term basis at 1.5695 -neckline for a previous bearish pattern-; still strong negative momentum signals might push the pair lower in correction to retest 1.5465. The mixed signals make us observe the pair for further confirmations.The trading range for this week is expected between the support at 1.5465 and the resistance at 1.6070.The short term trend is to the downside as far as areas of 1.5855 remain intact targeting 1.3800.

Support1.56951.56001.55401.54951.5465
Resistance1.57901.58701.59001.59701.6020
RecommendationBased on the charts and explanations above our opinion is observing the pair for more confirmations