Weekly Report 21 - 25 / March / 2011

The pair closed below the MA 50 and the initial downside channel's resistance shown above. These factors along with the bullish trend offered by stochastic encourage us to expect an expected weekly bullish trend starting initial targets around 0.9600, while constantly requiring stability below the downside channel's resistance level.

The trading range for this week is among the key support at 0.9550 and the key resistance at 1.0000.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.

Previous Report

Support0.98000.97400.97000.96650.9615
Resistance0.98350.99150.99601.00001.0055
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9835 targeting 0.9600 and stop loss above 0.9960, might be appropriate.