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 market it was clearly indicating that it will approach the(1.1500) level, which encourages us to suggest more bullish bias in the upcoming period. to reach (1.1600) areas as a next target, but the failure of the market to maintain the bullish trend is currently trading rebound to passive trade but is still trading in a limited range between levels (1.1500) and (1.1000), and we are waiting to break key support areas at 1.1000 in order to confirm our bearish trend, but we should note that it is important to hold above (1.1200) level and the penetration for the levels of (1.1250) is more bullish action to be generated and drive the market again to the 1.15 levels; noting that price holding above (1.1050) is a key condition to achieve the expected targets( 1.15s /1.20s 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: Down
Weekly Trend: Down