Weekly Report 22 - 26 / February / 2010

Last week's trading session closed above thepivotal support areas of 1.3485; maintaining chances of a general bullish direction intact for now. Meanwhile, trading remains within the main descending channel shown above, this makes us expect a bullish direction for this week trading naturally within this channel initially targeting levels 1.3800 then attempts to head towards resistance for the descending channel at 1.4000. Chances of achieving this expectedbullishness will prevail as long as the daily closing remains above 1.3485.

The trading range for today is among the key support at 1.3265 and the key resistance at 1.4000.

The general trend is to the upside if we do not witness a daily closing below 1.3485 with targets at 1.6000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 1.3655 targeting 1.3800 and stop loss below 1.3560, might be appropriate.