Weekly Report(21-25 November 2011)
The pair maintains stability within the yellow shaded range bound as shown above, while it's attempting to move away from the support of the range . Therefore, more upside attempts is likely this week, mentioning that we should monitor the pair carefully around the sensitive resistance at 0.8675 and 0.8770, as breaching this area will result in further incline and may hint that the pair settled for the latest downside correction toward the 76.4% Fibonacci correction.
The trading range for the week may be among the 0.8415 support and 0.8720 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 0.8675 , stop loss with four-hour closing below 0.8460 may be appropriate.|