The pair failed last week to stable above key resistance level of the descending channel that organized trading from the top formed at point D of the AB=CD bearish harmonic Pattern. The pair is also back to trading around bottom C of the pattern residing at the psychological barrier 1.3000. The possibility of extending the downside move is available for achieving more of the harmonic pattern’s targets. As for this week, trading below 1.3080 levels is negative; Stochastic and Linear Regression Indicators supports our expectations.
The trading range for this week is among the key support at 1.2805 and key resistance at 1.3155.
The general trend over short term basis is to the upside targeting 1.4375 as far as areas of 1.2990 remains intact.