Weekly Report(16-20 Jan)

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The pair maintains stability within the main descending channel shown on image and below 117.95 breached level, while the 50 EMA continues to pressure trading negatively. Positivity on momentum indicators may result in fluctuations for some time; however, we maintain our bearish expectations for this week, targeting 116.25 and 115.00. Steady trading below 119.40 is required.

The trading range for the week is expected among the key support at 114.30 and the key resistance at 119.40.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Support117.40116.80116.25115.40115.00
Resistance117.95118.70119.40120.25120.95
RecommendationBased on the charts and explanations above we recommend selling the pair around 117.95 targeting 116.25 and 115.00, stop loss with four-hour closing above 119.40 may be appropriate