The bearish move last Friday was limited above 1.0495–80 levels which keeps the upside bias valid, and possible complete a harmonic formation. The formation is expected to be complete around 1.0650 levels as long as 1.0480 levels hold. Stochastic offers negative signals indicating great volatility, but Linear Regression Indicators are positive supporting the extension of the upside move.
The trading range for this week is among key support at 1.0340 and key resistance at 1.0735.
The general trend over short term basis is to the downside below levels 1.0710 targeting 0.9400.
Support 1.0530 1.0505 1.0480 1.0430 1.0410
Resistance 1.0585 1.0600 1.0615 1.0655 1.0685
Recommendation Based on the charts and explanations above, our opinion is buying the pair above 1.0530 targeting 1.0585, 1.0615 then 1.0650 and stop-loss with four-hour closing below 1.0480 might be appropriate this week