Weekly Report 4 - 8 / April / 2011

The pair stabilized below the previously breached support level around 0.9665, which is considered to be an additional signs - along with trading within the key downside channel and below SMA -; these signs highlighted chances of more expected downside movement for this week. The suggested targets start around 0.9500 then 0.9400, while note that the breach of 0.9665 could postpone resuming these targets until stability of closing below 0.9770 is achieved since it is the most vital factor on maintaining our expected bearish scenario.

The trading range for this week is among the key support at 0.9325 and the key resistance at 0.9770.

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

Previous Report

Support0.96150.95500.95000.94700.9400
Resistance0.96650.97000.97700.98100.9865
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9665 targeting 0.9400 and stop loss above 0.9770, might be appropriate.