The pair is trading inside a long term bullish channel.
Last weekly closure came very bullish as the pair failed to close below the broken downtrend line marked above.
It's important to notice that the weekly candle is very bullish hummer from the signifcant support area 1.4060 - 1.4000 which is a high demand area.
On the daily chart, the pair is trading is a slightly bearish channel.
The situation is confusing as the pair has broken the uptrend line with successful retesting of the backside of this trendline.
The Expected Direction:
On the intermediate term, the pair remains bullish as long as it's trading above 1.3750 which is the lower limit of the bearish channel on the WEEKLY chart.
Also it's important not to lose the support 13970, as its break opens the way for the pair to test 1.3750.
On the short term, the pair is consolidating in a range between 1.3970 - 1.4280.
Break of the range to the downside opens the way for 1.3750-1.3770.
Break of the range to the upside opens the way for 1.4400 then 1.4500 - 1.4570.
http://instaforex.com/forex_analysis/33630/?x=OUE
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