Weekly Report 21 - 25 / March / 2011

The MA 50 was able to resist the pair resuming more bullish movement within the initial downside channel shown above, alongside the previous support level's halt and currently turning into resistance around 81.75 as a strong barrier along with the MA 50. These factors are accompanied by stochastic losing bullish momentum and nearing overbought areas; therefore making us expect a bearish weekly trend beginning keys targets around 79.00 then 78.00, while essentially requiring stability below 82.80 to prevail.

The trading range for this week is among the key support at 78.00 and the key resistance at 82.80.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 81.75 targeting 79.80 and stop loss above 82.80, might be appropriate.