Weekly Report 28/03 -01/ 04/ 2011

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The pair is still trapped below the most important level of 115.90, which represents the neckline of the previous suggested rounding bottom pattern as seen on the provided daily graph. In the interim, momentum indicator representative-RSI 14- is neutral, hovering around the value of 50. This technical hesitation will not be resolved unless we witness a decisive breakout above the aforesaid level to make sure that our captured Elliott count is correct. Henceforth, we will be neutral until the pair shows a significant sign to define the upcoming direction.

The trading range for this week is among key support at 111.05 and key resistance now at 118.25.

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

Support114.25113.60113.15112.40111.60
Resistance115.90116.30116.80117.45118.25
RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.