Weekly Report (12-16 September 2011)

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The pair dropped sharply on Friday to breach the support of the ascending channel which was carrying price action over the short term as shown in image. this breach may be a turning point for trading over the short term. However we need to stay aside to monitor today's closing around this support at 0.8580 to have a clearer confirmation for the next direction.

The trading range for the week is expected among the key support at 0.8300 and the key resistance at 0.8770.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

Previous Report

Support0.85650.85000.84550.84000.8300
Resistance0.85800.86150.86500.87058740
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.