Weekly Report (14-18 November 2011)

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The pair retested the pivotal breached support at 106.50 and reversed to the downside attempting to settle below the 23.6% Fibonacci level which turned into support as well. Accordingly, we expect a downside move this week , supported by negativity on stochastic , and targeting 104.00 and 102.10, taking into consideration that breaching 106.50 to the upside may delay acquiring the awaited targets.

The trading range for the week may be among the 102.10 support and 108.20 resistance.

The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.

Previous Report

Support106.05105.35104.95104.00103.15
Resistance106.50107.30108.25108.80109.00
RecommendationBased on the charts and explanations above we recommend selling the pair around 106.05 targeting 104.75 and stop loss with four-hour closing above 107.30 may be appropriate