Weekly Report (April 18-22)

The pair is still trading with a downside bias with difficulty in passing the critical support at 0.8900. The main descending channel controlling the current wave and the negative pressure from the SMA 50support our bearish expectations for the weektargeting 0.8750 then 0.8670. Breaching areas of 0.9015 with stability above it delays the targets.

The trading range for this week is among the major support at 0.8670 and the major resistance at 0.9105.

The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.

Previous Report

Support0.89000.88100.87500.87000.8670
Resistance0.89500.90150.90750.91050.9190
RecommendationBased on the charts and explanations above our opinion is selling the pair with four-hour closing below 0.8900 targeting 0.8700 and stop loss above 0.9015 might be appropriate this week