WeeklyReport(28 Nov- 02 Dec 2011)
The pair is trading with a slight downside bias since morning where the 50 EMA pressures trading negatively while stochastic is heading towards oversold areas. On the other hand, the previously mentioned bullish technical scenario remains valid as shown on the minor image, and a breach above 0.8670 is required to confirm the pattern. In general, an upside move this week is likely counting on the support of the range at 0.8525, while a breach below this level will open the door towards a bearish wave that may reach initially 0.8350.
The trading range for the week may be among the 0.8460 support and 0.8885 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 with a breach above 0.8670 targeting 0.8770 and 0.8885 ,stop loss with four-hour closing below 0.8600 may be appropriate|