Correction Phase ; with accumulating buying pressure
On the short-term , market break resistance levels which is considered a pivotal level on the mid-term ( 1.5050 ) and still stable above it, which forms good support base that supports continuing the positive scenario in the upcoming period, expected trading range for today is between 1.4900 and 1.5200. waiting to visit 1.5380 level initially. It is important to note that breaking 1.5000 level might push the price to turn intraday track to the downside, and a potential visit to 1.4800 level before any new attempt to rise.
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