Correction phase ; slopping upward
On the short -term the market the market still ranging between 1.1000 and 1.1500 levels as awaiting a more data to decide the new mid-term direction.
The penetration for the levels of 1.1250 would be more bullish action to be generated and drive the market to the 1.15 levels; noting that price holding above 1.1050 is a key condition to achieve the expected targets( 1.15s levels ) – in case the market ; failed to continue its short-term uptrend and successfully traded below 1.1050 , then a correction phase and a re-test for the major support which were broken out on the last session days ( 1.0950 , 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.
The chart analysis provided for mid-term view
Daily Trend: UP
Weekly Trend: Down