Weekly Report (02-06 August)

The pair is attacking the support for the current sideways range at 1.0395 in an attempt to confirm the end of the previous bullish medium term wave, supported by negative momentum on Stochastic. We expect a downside move this week activated with the breach of 1.0395 as far as the pair is stabile below 1.0560, where targets are at 1.0130 then 1.0000.

The trading range for this week is expected between the support at 1.0000 and the resistance at 1.0560.

The short term trend is to the upside as far as areas of 1.0200 remain intact targeting 1.2295.

RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0395 targeting 1.0130 and stop loss above 1.0560 might be appropriate this week