Correction Phase ; in rectangle pattern
On the short-term ; rallied strongly to the upside to breach 1.5000 level and close the last four hours’ candlestick above it, which supports the continuation of the bullish wave on the intra-day and short term basis, opening the way target 1.5250 ( Major mid-term resistance ) areas as a next main station. The market it was trading between , 1.50 and 1.45 levels ;
Most of the currencies are going on a stabilizing rate between certain levels to consolidate the recent strong move we have seen on the last 6 months. As we have mentioned before ; the breakout was on the downside which means further drop toward 1.42 levels for the mid-term and that means the continuation for the strong dollar across the markets
On the long-term view : still a lower levels is expected with stabilizing near 1.30s levels , the major turning point would be the May elections – The dollar effect which mainly would move the rate ; however , the stabilization is expected because of the expectation that BoE would hike rate after the Fed expected move.
Daily Trend: Up
Weekly Trend: Down