Weekly Report(12-16 Dec 2011)

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The pair maintains stability below the critical breached support shown on image, while the 50 EMA continues to form a resistance for intraday trading, therefore, we expect a downside move this week targeting mainly 102.10-101.65 while steady daily closing below 103.90 is required.

The trading range for the week may be among the 101.00 support and 104.75 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

Previous Report

Support103.00102.45102.10101.65101.00
Resistance103.90104.25104.75105.15106.10
RecommendationBased on the charts and explanations above we recommend selling the pair around 103.90 targeting 101.65 , stop loss with four-hour closing above 104.75 may be appropriate