Weekly Report 8 - 12 / February / 2010

New support held its own - breached resistance level- in front of attempts by the pair to retest it; resuming the short term direction, according to our previous expectations. Momentum indicators seems neutral now, opening a way for a minor bullish correction to gain enough positive momentum to support expectations of continuing a bullish short term direction; where its main targets are around 1.0960 the 1.1050. Keep in mind the importance of trading remaining above 1.0560 to maintain chances of these expectations prevailing.

The trading range for today is among the key support at 1.0450 and the key resistance at 1.1050.

The general trend is to the downside as far as 1.1870 remains intact with targets at 1.0000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.0780 targeting 1.0960 and stop loss below 1.0635, might be appropriate.