Weekly Report (April 11 - 15)

The pair is consolidating above the minor descending channel's resistance -previously breached- though now finding difficulty in breaching above the previous recorded top at 1.6400. Stochastic provided positive signs in addition to the 50 SMA that is supporting the current upside wave. Therefore, we expect a general upside move this week targeting mainly 1.6585 then 1.6700 and require daily closing above 1.6340 to prevail.

The trading range for this week is among the major support at 1.6240 and the major resistance at 1.6700.

The short term trend is to the upside with steady daily closing above 1.5315 with targets at 1.7000.

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.6340 targeting 1.6585 and stop loss below 1.6240 might be appropriate this week