Weekly Report1 - 5/ March / 2010

The pair is facing a hard time stabilizing above MA 100 today, which continues the negative pressure on the pair to trade near pivotal support 1.0410. Signs of an ascending channel we see will organize trading the bullish short term direction expected this week; where main targets are at 1.0880. The daily close must remain above 1.0410 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 1.0410 and the key resistance at 1.0880.

The general trend is to the downside as far as 1.1295 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 1.0565 targeting 1.0785 and stop loss below 1.0410, might be appropriate.