Weekly Report 14/03 -18/ 03/ 2011
The pair succeeded in touching our previous week's detected technical objective at 129.70 during the Asian session-click here to review it- whereas it recovered very quickly to the current levels. Despite of this sharp upside recovery but the same bearish signs are still appearing on the weekly chart as SMA still pressures the pair negatively; whilst OsMA and Stochastic are negative until now. Having a look at the daily graph-secondary image- we will find out that, a positive divergence was formed successfully, forcing us to be patient until we see where this recovery will stop. Therefore, we will be neutral until this contrarian between the weekly chart and the daily graph is being resolved.
The trading range for this week is among key support at 127.60 and key resistance at 135.50.
The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
Support131.60130.50129.25128.40127.60Resistance132.50133.60134.25135.50136.20RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.