Weekly Report (April 11 - 15)

The pair is still caught between the 50% and 38.2% correction as shown above, and finding strong resistance at 50% Fibonacci at 85.65 due to the negativity of momentum indicators. The SMA 50 is pushing the pair from below and accordingly we expected further upside correction for the week which requires a clear breach of 85.65 and steady daily closings above 83.50.

The trading range for this week is among the major support at 83.50 and the major resistance at 87.85.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

RecommendationBased on the charts and explanations above our opinion is buying the pair with four-hour closing above 85.65 targeting 87.35 and stop loss below 84.50 might be appropriate this week