Weekly Report 27 Feb-02 March

The pair is hesitating around 61.8% Fibonacci correction as shown on chart. RSI has dipped within overbought areas. Thus, we may see a pullback towards the 50% level and the main breached support which should turn into resistance now at 0.9080 before resuming the downside move this week.

The trading range for this week is among key support at 0.8785 and key resistance at 0.9200.

The general trend over short term basis is to theupsidetargeting0.9950as far as areas of0.8850remain intact.

Previous Report

Support0.89650.89250.89000.88750.8850
Resistance0.89850.90300.90800.91050.9145
RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.9030 targeting 0.8935 and stop loss above 0.9105 might be appropriate.