The upside move stopped in areas around the top of129.75, while Stochastic is biased to the downside. The pair is also trading within the ascending channel shown above and also above 50% Fibonacci correction and above EMA 50 at 128.35. Caution is required here, where consolidation below 128.35 might trigger a downside movement to retest the main support level of the channel, while a breach of 129.75 indicates that the upside move could continue. Therefore, we remain neutral in our weekly report, awaiting more confirmations.
The trading range for this week is among the major support at 125.65 and the major resistance at 132.30.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.
|Recommendation||Based on the charts and explanations above we remain neutral, awaiting more confirmations|