Correction Phase ; in rectangle pattern
On the short-term ; rallied strongly to the upside to breach 1.5000 level but the market return to breaking 1.4800 level will stop the positive expectations temporarily, to push the price towards testing the critical support at 1.4700, which breaking it represents the key for the price return to the previously breached main bearish channel, then regaining the main bearish trend., 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: Down
Weekly Trend: Down