The downside move has stopped and the pair turned higher with the start of this week’s trading and that is after the pair has failed in breaching the Linear Regression Indicators. Stochastic is also attempting to turn positive after reaching 20 points, at the same time, the pair is stable below the main resistance for the downside wave near 113% correction of CD leg of the bearish Butterfly Pattern at 0.9395. This technical conflict is forcing us to keep our weekly outlook neutral for now and wait for more confirmations for the next move to see the continuation or the end of the bearish harmonic Butterfly Pattern effect.
The trading range for this week is among key support at 0.9145 and key resistance at 0.9570.
The general trend over short term basis is to the downside targeting 0.8860 as far as areas of 0.9775 remains intact.
Support 0.9300 0.9280 0.9230 0.9200 0.9145
Resistance 0.9325 0.9355 0.9395 0.9420 0.9465
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move