Weekly Report 7 - 11 / March / 2011

The pair was able to maintain stability below the previously breached sideway range's support level around 0.9330, which has currently turned into strong resistance due to support by the MA 50 that continues negatively pressuring trading. These factors are enough for an expected overall bearish trend that starts initial targets around 0.9100 then 0.9000, but it is vital to breach 0.9330 to resume a closing above that holds the ability to postpone achieving the suggested targets that will lead to some bullish correction.

The trading range for this week is among the key support at 0.9000 and the key resistance at 0.9430.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9330 targeting 0.9200 and stop loss above 0.9430, might be appropriate.