Weekly Report (25-29 july)
The pair is still trading within a sideway range among 128.15 and 126.65 as shown in image, where Stochasticreflects overbought caseand the 50 EMA is pressuring the pair negatively as well, both are supporting current trading among the main descending channel . Therefore, we expect a downside move during the week targeting initially 125.65 followed by 124.85 and requires stability below 128.15.
Trading range for the week is among the major support at 124.00 and the major resistance at 129.40.
The short term trend is to the downside targeting 112.00, as long as 150.00 remain intact.
|Recommendation||based on the charts and explanations above we recommend selling the pair around 128.15 targeting 125.65, stop loss above 129.40 may be appriopriate.|