Weekly Report (05-09 September 2011)
The pairs' failure to breach the 0.8885 resistance delayed the continuation of the upside move and is currently declining to trade below the 50 EMA at 0.8790. In fact, the upside move depends mainly on stability above 0.8600, where breaching the level may invalidate the main upside trend and result in a a negative technical pattern. Trading back above 0.8885 is necessary to confirm the bullish move again. Therefore, we will stay aside awaiting a breach of the current range among the sensitive levels at 0.8885 and 0.8600.
Trading range for the week is among the major support at 0.8490 and the major resistance at 0.9000.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.|