Weekly Report 19/03 -23/03/ 2012

The pair is giving traders a hard time trading within very narrow ranges since a while. The trading range is getting narrower among the main falling wedge pattern. Momentum indicators are hinting the current market conditions by trading neutrally. Thus we prefer to remain neutral for now as well, unless we witness a meaningful breakout of this ranging market.

The trading range for this week is expected among the key support at 0.9840 and the key resistance at 1.0150.

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 staying aside awaiting further confirmations