Weekly Report (05-09 September 2011)

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The pair is still confined within the descending channel and settles below the 50 EMA at 125.20, and this supports the possibility of a downside move today. Areas of 123.20 may form a good support, if breached the downside move may accelerate.

The trading range for the week may be among the major support at 120.80 and the major resistance at 127.30.

The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.

Previous Report

Support123.30123.00122.55122.00121.40
Resistance124.65125.30125.85126.15126.40
RecommendationBased on the charts and explanations above we recommend selling the pair around 124.65 targeting 122.00 and stop loss above 125.85 might be appropriate.