Weekly Report (05-09 March 2012)
The past week was negative for the euro, the pair dropped sharply after topping at 1.3500 areas, where it's currently near the short term ascending support (dashed blue line). Steady trading back below 1.3320 hints that we may see further downside pressure this week, but we need a breach below the aforementioned ascending support, where it shall threaten 1.3000 areas. In general we expect a range-trading period among this support at 1.3000 and 1.3500, unless we see a breach below or above this range.
The trading range for this week is expected among key support at 1.2850 and key resistance at 1.3550.
The general trend over short term basis is to thedownside targeting1.1865as far as areas of1.3550remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside awaiting a trade setup.|