Weekly Report (05-09 Dec 2011)
The pair settled above the 50-days moving average and the breached descending resistance (colored in brown), while stochastic is attempting to gather positive momentum again, however, the pair dropped to trade below 121.75 support, therefore, we prefer trading to settle back above 121.75 to expect further upside attempts this weektargeting initially 122.60 and 123.00.
The trading range for the week may be among the 119.00 support and 125.50 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend buying the pair with four-hour closing above 121.75 targeting 122.60 and 123.10 , stop loss with four-hour closing below 121.20 may be appropriate|