Weekly Report March 28 - April 01 / 2011

The pair touched the retest level for the previously broken support level that has turned into resistance around 81.80, while SMA touches this level. Stochastic is showing overbought signs and thus we expect a bearish trend this week starting technical targets around 80.00 then 79.00, while noting that the breach of 82.55 with a daily closing above it will weaken chances of resuming these expectations.

The trading range for this week is among the key support at 79.00 and the key resistance at 83.25.

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 81.80 targeting 79.80 and stop loss above 83.00, might be appropriate.