Weekly Report (01-05/08/2011)
The pair is trading again within the range shown in image, it's approaching the resistance of the main descending channel. Stochastic is providing positive signs while the 50 EMA continues to pressure trading within the descending channel. Therefore, we expect the downside bias to continue this week targeting initially 125.65 followed by 124.00 where stability below 128.15 is required for these expectations to be valid.
Trading range for the week is among the major support at 123.30 and the major resistance at 129.00.
The short term trend is to the downside targeting 112.00, as long as 150.00 remain intact.