The strong downtrend started at 0.9750 zones has found some kind of support around 0.9190 level, while RSI 14 also has found momentum support close to oversold regions. The contradiction between stability below moving averages and the slant positive divergence appearing on MACD forces us to stand aside this week to see how the pair will react with the recent formed divergence drawn despite the strength of the downtrend. Traders should conquer 0.9390 to bring the positive picture back into focus.
The trading range for this week is among key support at 0.9060 and key resistance at 0.9520.
The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.
Support: 0.9200, 0.9145, 0.9120, 0.9100, 0.9060
Resistance: 0.9285, 0.9325, 0.9390, 0.9440, 0.9500
Recommendation Based on our explanations above, we believe that staying aside until clearer signs appear could be appropriate this week.
IMOH, Clement I.
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