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 weeks ( 1.0950 , 1.0800). trading below 1.0900 level on a weekly frame , 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. But the market yesterday’s trading above 1.1050 level after pushing the price to turn to rise again. Therefore, we will wait to visit 1.1200 areas as a first main target, noting that breaching this level the market will continuing the bullish trend to the next target at 1.1400, while the expected rise will remain valid unless breaking 1.1050 level and closed below it.
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