Weekly Report March 28 - April 01 / 2011

The pair stabilized above the downside channel's resistance level that have been controlling trades since last February, alongside stability above SMA that is considered a possible rebound to the upside. On the other hand, momentum indicators are giving off clear negative signs that could push for some downside movement to retest the broken resistance level that has presently turned into support around 0.9115. In overall, we expect to witness some expected upside movement towards the previously broken sideway range's support around 0.9330; however, signs that will insure the upcoming direction are required through the pairs' movement around critical levels represented by support 0.9115 and resistance 0.9330 to insure the direction for the upcoming time periods.

The trading range for this week is among the key support at 0.8885 and the key resistance at 0.9465.

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

Previous Report

Support0.91800.91150.90700.90000.8950
Resistance0.92450.93300.94150.94650.9525
RecommendationBased on the charts and explanation above our opinion is observing the pair’s daily reports to insure its upcoming direction.