Weekly Report(21-25 November 2011)
Trading settled within a narrow range and below the critical support at 104.75, and that maintains the effect of the bearish technical pattern that was completed by breaching that level. Therefore, we expect continuation of the downside move this week supported by the 50 EMA and the negativity on stochastic, where the main target is located at 100.70. Stability below 104.75 is required to for our expectations to remain valid.
The trading range for the week may be among the 99.40 support and 105.70 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
|Recommendation||Based on the charts and explanations above we recommend selling the pair around 104.25 targeting 102.10 and stop loss with four-hour closing above 104.75 may be appropriate|