Weekly Report (12-16 September 2011)

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Trading continues within the main descending channel shown on image above, where the pair breached lately the pivotal support at 123.30, which is a negative factor that supports the continuation of the downside move for this week. Next target resides at 120.00. The move requires stability below 124.00 over daily basis.

The trading range for the week is expected among the key support at 118.85 and the key resistance at 125.15.

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

Previous Report

Support122.20121.25120.50119.80118.85
Resistance123.30124.0124.65125.30126.15
RecommendationBased on the charts and explanations above we recommend buying the pair below 123.30 targeting 121.25 and stop loss with daily closing above 124.00 may be appropriate.