Weekly Report 13 - 17 / December / 2010

The pair continues trading within the downside short term channel, while the pair moves within a narrow range fluctuating around the MA 50 and below pivotal resistance 1.0140, highlighted in last week's reports. Momentum indicators are currently appearing neutral with more fluctuation witnessed; whereas obtaining bearish momentum could support resuming the expected bearish overall weekly basis. Technical targets start mainly at 0.9925 then 0.9815, where resuming them essentially needs the daily closing to remain below 1.0220.

The trading range for today is among the key support at 0.9815 and the key resistance at 1.0220.

The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.0140 targeting 0.9925 and stop loss above 1.0220, might be appropriate.