Weekly Report(19-23 September 2011)

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The pair continues to trade negatively among the main descending channel as shown on image. Stability below the breached support at 121.30 supports maintaining the downside bias. Therefore,we expect more bearishness this week, supported by the 50 EMA, and targeting 118.00. The move requires stability below 122.10.

The expected trading range for the week is among the key support at 117.50 and the key resistance at 122.10.

The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.

Previous Report

Support120.50119.80118.85118.00117.50
Resistance121.30122.10122.65123.30124.00
RecommendationBased on the charts and explanations above we recommend selling the pair around 121.30 targeting 119.80 and stop loss with four-hour closing above 122.10 may be appropriate.