Weekly Report (April 25-29)
The pair consolidated below the breached support at 0.8900 accompanied by the resistance offered from the SMA 50 and the buying saturation on Stochastic. Therefore, we expect the downside move to continue this week targeting 0.8700 and 0.8600 yet we should pay attention that the breach of 0.8900 and stability above it will delay the targets and drive the pair higher for a slight correction first.
The trading range for this week is among the major support at 0.8600 and the major resistance at 0.9005.
The short term trend is to the downside with steady daily closing below 1.0330 targeting 0.8000.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 0.8900 targeting 0.8700 and stop loss above 0.9005 might be appropriate this week|