Weekly Report (Aug 30 - Sept 3)
Despite the negative pressure on the pair, last week's closing levels was above the downside channel's support levels - that controls the pair's short-term trading - at 1.0270. Expectations for an upside trend remains intact, where an ascending technical pattern are forming with a neckline at 1.0305, which encourage an upside trend for this week that requires a clear breach for 1.0305 levels along with a daily closure above the downside channel's support levels at 1.0270. Initial targets are at 1.0460.
The trading range for today is among the major support at 1.0130 and the major resistance at 1.0555.
The short term trend is to the upside as far as 1.0200 is intact with targets at 1.1730.
|Recommendation||Based on the charts and explanations above our opinion is buying the pair around 1.0270 targeting 1.0460 and stop loss below 1.0200 might be appropriate|