Weekly Report 14/11 -18/ 11/ 2011
The pair provided a bearish opening gap today; however, it covered this gap and is inclining now. The decline seen earlier negated the stability above the neckline of the bullish structure, yet didn't negate the structure itself, where the pair didn't provide any 4-hour closing below the level of 1.0100, while after the opening today below this level the pair returned to provide candlesticks above this level. Therefore, we expect the upside move to return, especially when Stochastic supports our expectations.
The trading range for this week is among the major support at 0.9700 and the major resistance at 1.0475.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
|Recommendation||Based on the charts and explanations above, we recommend buying the pair around 1.0140, and take profit in stages at (1.0255 and 1.0305) and stop loss below 1.0000 might be appropriate|