Correction Phase ; a bigger range market
On the short -term the market the market still ranging between 1.05 and 1.12 levels as awaiting a more data to decide the new mid-term direction.
Note that the expected rise requires holding above 1.0820 , reinforcing the expectations to continue the bullish trend in the upcoming period, and we are still waiting to visit our first main target at 1.0900, moreover , the market is ranging widely awaiting for confirmed breakout – so , uncertainty about the mid-term direction is greatly increasing .
On the longer-term view : the market on the down trend driven by a lot of factors ; moreover , a levels below 1.04s is expected and parity exchange rate would be in the next half of 2015.
Daily Trend: Up
Weekly Trend: Down