Weekly Report(09-12 Jan 2012)

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The pair remains under downside pressure within the descending channel shown on image, where it acquired the initial targets around 97.40 with the start of the session to rebound again now. In general, the continuation of the downside move is probable this week supported by the 50 EMA and targeting 96.85 followed by 94.50, while steady trading below 99.60 is required for the downside bias to remain persistent.

The trading range for the week is expected among the key support at 94.50 and the key resistance at 99.60.

The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.

Previous Report

Support97.4096.8595.7094.8594.00
Resistance98.3598.7599.55100.30101.00
RecommendationBased on the charts and explanations above we recommend selling the pair around 98.35 targeting 96.85 and 96.00, stop loss above 99.60 may be appropriate