Weekly Report 08/08 -12/ 08/ 2011

The pair is still trading negatively below the downside trend's critical support. But, momentum indicators are still within oversold areas, while the pair is stable near the lower line of Bollinger Band. Trading above 0.7785-50 is the only factor that is able to prove the bullishness, but the pair is trading below this level, while momentum indicators are within oversold areas. We stay neutral in our weekly report awaiting more confirmations regarding the pair's movement.

The trading range for this week is among the major support at 0.7250 and the major resistance at 0.8080.

The short-term trend is to the upside with steady weekly closing above 0.7665 targeting 0.8795.

Previous Report

RecommendationNeutrality is our recommendation, while we recommend observing the pair’s movement for more confirmations.