Continuation of the Down Trend
On the short -term the market with downside scenario and ranging between 1.1300 and 1.0800 levels.
The market it was ended last week’s trading with strong negativity and confirm our bearish trend after the breakout for key support areas at 1.1000, that stop the recently suggested bullish trend scenario, so we suggested for the upcoming period as a correction phase and a re-test for the major support which were broken out on the last session ( 1.0950 , 1.0800). trading below 1.0900 level, which provides more support for the bearish trend scenario on the short term basis, waiting for surpassing our first target at 1.0800 then 1.0750.
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.
Daily Trend: Down
Weekly Trend: Down