Weekly Report (26-30 September 2011)

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The pair retested the 118.85 awaited level, and reversed to the downside supported by the negativity on stochastic over four-hour basis. Therefore, we expect the resumption of the downside move for this week targeting 116.00. A breach above 118.85 may delay achieving the suggested targets.

The expected trading range for the week is among the key support at 115.00 and the key resistance at 120.35.

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

Previous Report

Support118.00117.35116.90116.00115.40
Resistance118.85119.60120.35120.80121.30
RecommendationBased on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.00 and stop loss with four-hour closing above 119.60 may be appropriate.