Weekly Report 21/03 -25/ 03/ 2011

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The pivotal resistance of 115.60-115.90 still holds as a barrier that prevents the pair from achieving additional bullishness to resume the recovery from 106.80 zones. These areas represent the neckline of a potential rounding bottom pattern and it should be breached along with a daily closing to confirm the suggested Elliott count. Anyway, we will remain on the sidelines for the time being until an actionable set up presents itself to us since a steady move below 115.90 is bearish and above it is bullish.

The trading range for this week is among key support at 109.45 and key resistance now at 120.50.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Previous Report

Support114.25113.60112.40111.05109.45
Resistance115.60116.30116.80118.25119.60
RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.