Weekly Report 26/09 -30/ 09/ 2011

The pair has slightly declined after approaching the key resistance level of 76.95, forcing Stochastic to offer a negative sign once more. Henceforth, we believe thatstaying aside will be the best technical choice until it breaches the aforesaid resistance to make sure that our suggested Elliott count is accurate enough to send the pair higher. A break of 75.80 with a four-hour closing below it will negate the reversal possibility and will trigger a panic sell-off.

The trading range for this week is among key support at 74.85 and key resistance now at 78.45.

The general trend over short term basis is to the upsidetargeting 87.45 as far as areas of 75.20 remain intact.

Previous Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.