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.
Now the market has reached the upper band of our expected trading zone ; however , any penetration for the levels of 1.1250 would be more bullish action to be generated and drive the market to the 1.15 levels ( which is now the more probable scenario according the market price action ) – in case the market ; failed to continue its short-term uptrend and successfully close above 1.12 , then a correction phase and a re-test for the major support which were broken out on the last session days ( 1.1030 , 1.0888).
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