Weekly Report (02-06 August)

The pair stabilized below the main resistance for the medium term at 87.65, while momentum indicators provided some positive signals that might cause fluctuations this week towards the mentioned resistance before resuming the downside move for this week targeting areas from 84.70 and requires steady daily closing below 87.65.

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.

RecommendationBased 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