Weekly Report 12/03 -16/03/ 2012

The pair rebounds once more from 0.9890 support, while trading continues to be confined within the bullish reversal falling wedge pattern shown on the chart. Momentum indicators are clearly illustrating the range-trading stance. Therefore, we anticipate an upside rebound this week, targeting mainly the main horizontal resistance at 1.0080.

The trading range for the week is expected among the key support at 0.9850 and the key resistance at 1.0080.

The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.

Previous Report

Support0.98900.98700.98500.98000.9770
Resistance0.99400.99901.00201.00501.0080
RecommendationBased on the charts and explanations above, we recommend buying the pair around 0.9890 targeting 1.0000 and 1.0080. Stop loss below 0.9835.