Weekly Report 15 - 19 / February / 2010

The pair managed to touch the support linefor the main descending channel, appearing through the image above, which continues its stance against continuous attemptsof descending. We expect a bullish correction for this week; where its main target is around 1.3800. Keep in mind that the breach of 1.3505 followed by 1.3485 will openthedoor upto resume the bearish direction below the need for an expected bullish correction.

The trading range for today is among the key support at 1.3290 and the key resistance at 1.3900.

The general trend is to the upside as far as 1.3485 remains intact with targets at 1.6000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.