Weekly Report (08-12 August 2011)
The pair is stuck among the 61.8% and 76.4% Fibonacci levels shown above, while it maintains stability below the pivotal support at 113.65, in addition to the negative pressure from the 50 EMA, all suport our expectation for a downside move this week targeting a breach of 110.25 to open the door for the pair toward 107.55 then 106.15. Stability below 112.80 is important for these expectations to remain possible.
Trading range for the week is among the major support at 107.55 and the major resistance at 113.65.
The short term trend is to the downside targeting 100.00, as long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair with hourly closing below 110.90 targeting 107.55 and stop loss above 112.00 may be appropriate.|