Weekly Report (14-18 November 2011)

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The pair acquired some positivity by the start of the week to retest the support of the previously breached ascending channel and reversed again below the 50 EMA and 123.90 level, in addition to that, stochastic is providing negative signs over four-hour basis. Therefore, we anticipate a downside move this week targeting a test of 122.60 followed by 119.85. Steady trading below 124.30 is required for our expectations to remain valid.

The trading range for the week may be among the 119.85 support and 125.70 resistance.

The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.

Previous Report

Support123.15122.60122.00121.30121.00
Resistance123.901247.30124.95125.65126.00
RecommendationBased on the charts and explanations above we recommend selling the pair around 123.90 targeting 121.30 and stop loss with four-hour closing above 124.60 may be appropriate.