Trading started this week higher and the pair is hovering above 0.9395 and above the main descending channel that was formed by the influence of the bearish Butterfly Pattern. The previous breach was accompanied by a bullish candlestick opening and that makes it a false breakout. Therefore, our weekly outlook remains neutral and we will wait for more confirmation , we have a technical conflict on momentum indicators and the Linear Regression Indicators offered a positive crossover yet the 55 indicator remains negative.
The trading range for this week is among key support at 0.9200 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 0.9405 0.9395 0.9365 0.9325 0.9300
Resistance 0.9460 0.9490 0.9515 0.9570 0.9600
Recommendation Based on the charts and explanations above, we remain neutral for now awaiting more confirmations for the next move