Weekly Report(09-12 Jan 2012)

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The pair managed to breach the awaited pivotal support at 119.30 with daily closing, thus supporting the continuation of the downside move this week supported by the 50 EMA and steady trading below the resistance of the main descending channel currently around 119.95. Main targets start at 116.80 followed by 115.40.

The trading range for the week is expected among the key support at 115.40 and the key resistance at 120.30.

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

Previous Report

Support117.95117.40116.80116.25115.40
Resistance119.30120.25120.65121.35121.75
RecommendationBased on the charts and explanations above we recommend selling the pair around 119.30 targeting 117.95 and 116.80, stop loss with four-hour closing above 120.30 may be appropriate