Weekly Report (April 25-29)

The pair is trading above the resistance for the breached descending channel that turned into support at 81.10; momentum indicators continue to offer positive signals that support the upside wave this week targeting 83.50 and 84.50. Breaching areas of 81.10 and stability below it signals the return to the general downside trend and settling for the upside correction seen.

The trading range for this week is among the major support at 81.10 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

Support82.1081.5081.1080.7580.20
Resistance82.6583.5083.9084.5085.00
RecommendationBased on the charts and explanations above our opinion is buying the pair with four-hour closing above 82.65 targeting 84.50 and stop loss below 81.10 might be appropriate this week