Weekly Report(19-23 Dec 2011)

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The pair maintains steady daily closing below the support of the shaded side-ways range at 121.00 and shown on image, while the 50-EMA continues to pressure trading negatively ,where trading settles below the resistance of the main descending channel . Therefore, we expect further downside pressure this week targeting mainly 119.30 and 116.95, while steady trading below 121.40 is required to acquire the awaited move.

The trading range for today is expected among the key support at 116.95 and the key resistance at 122.25.

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

Support120.00119.30119.00117.95117.40
Resistance121.00121.40122.25122.60123.15
RecommendationBased on the charts and explanations above we recommend selling the pair around 121.00 targeting 117.95 and stop loss with daily closing above 122.25 may be appropriate