Weekly Report (April 18-22)

The pair continues to trade steadily below 38.2% correction at 83.50 while the SMA 50 supports the pair and preventing further decline supported by the positivity on Stochastic.Trading is mixed and we recommend observing the pairawaiting more confirmations and observe the pair around the 83.50 resistance and 82.75 support, where breaching the latter will push the pair to retest the previously breached resistance for the minor descending channel now support at 81.45.

The trading range for this week is among the major support at 80.60 and the major resistance at 85.65.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is observing the pair for more confirmations