Weekly Report 28 / February / 2011

The pair achieved a chain of daily closings below horizontal support 0.9840, while trading continues within the minor downside channel within the key bearish channel appearing through the image above. These factors make us expect a weekly bearish trend, but the positivity appearing through momentum indicators could impede this downtrend and remain fluctuating near the highlighted support level above, while obtaining some negative momentum supported by our expectations. The closing will stabilize below 0.9900, which are vital factors that resume expectations.

The trading range for today is among the key support at 0.9500 and the key resistance at 1.0000.

The short term trend is to the upside as far as 1.0665 remains intact with targets at 0.9000.

Previous Report

Support0.97500.97000.96500.96000.9550
Resistance0.98400.99001.00001.00551.0115
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9840 targeting 0.9600 and stop loss above 1.0000, might be appropriate.