Weekly Report (03-07 October 2011)
The pair reached our downside targeted area and the main ascending support for the medium term trend, around 0.8560. At the current levels, there the pair is testing the major 52 weeks SMA and the major ascending support, at the same time its trading below the 200 SMA while stochastic is clearly negative, therefore, we will stay aside awaiting more confirmations.
The expected trading range for the week is among the key support at 0.8450 and the key resistance at 0.8900.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
|Recommendation||Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move.|