Weekly Report (14-18 November 2011)
The pair maintains stability within the shaded range bound as shown above, while stochastic is up-trending over the daily time-frame, and that may push the pair to the upside to test 0.8665- the 50 EMA alongside the support of the previously breached ascending channel- and may extend to reach the resistance of the aforementioned range around 0.8805. The awaited incline requires on stability above 0.8525.
The trading range for the week may be among the 0.8390 support and 0.8805 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
|Recommendation||Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8665 and 0.8780, stop loss below 0.8460 may be appropriate.|