Weekly Report(19-23 September 2011)

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The pair is trading negatively since Friday, the negativity may be a correctional wave for the latest upside move which started after settling above the ascending support of the main ascending channel-shown on image. Negativity on stochastic over daily basis may maintain the negative pressure on the pair, therefore, we need to monitor the pair around the sensitive level among 0.8765 and 0.8645 for more confirmations.

The expected trading range for the week is among the key support at 0.8530 and the key resistance at 0.9000.

The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.

Previous Report

Support0.86800.86450.85850.85000.8455
Resistance0.87300.87650.88450.88850.8925
RecommendationBased on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.