Weekly Report 26/03 -30/03/ 2012

The pair starts the week above the resistance of the falling wedge formation and fluctuating around the 50-days Simple moving average. This break out of the wedge pattern suggests that we may see further bullishness this week, while momentum indicators are supporting the positivity seen; meanwhile the horizontal resistance at 1.0050 is the main barrier to the upside.

The trading range for the week is expected among the key support at 0.9850 resistance at 1.0150.

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

Previous Report

Support0.99000.99500.98700.98500.9800
Resistance0.99901.00201.00501.00801.0120
RecommendationBased on the charts and explanations above, we recommend buying the pair around 0.9940 targeting 1.0050 and 1.0150. Stop loss below 0.9850.