Weekly Report (05-09 March 2012)

The pair rallied to settle back above 0.9100 key resistance, which is an initial indication that we may witness further upside action this week, however we look for the area around the 50% Fibonacci level and the 50-days SMA around 0.9250 as a potential area to look for a short term downside reversal. But for now we will remain on the sidelines awaiting further developments.

The trading range for this week is expectedamong key support at 0.8780 and key resistance at 0.9375.

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

Previous Report

Support0.91250.91000.90700.90200.9000
Resistance0.91500.91750.92000.92500.9300
RecommendationBased on the charts and explanations above our opinion is, staying aside awaiting a trade setup.