Weekly Report1 - 5/ March / 2010

The pair was not able achieve a dailyclosing below pivotal support 1.3485 to insure reversing the general direction into a bearish one. Momentum indicators are nearing overbought areas that point to expected negative pressure for this week. From here, we see that the expected general direction for this week is a bearish one that primarily targets main support mentioned towards 1.3200 as a first target. The bearish short term direction that remains intact as long as the daily closing below 1.3890.

The trading range for today is among the key support at 1.3200 and the key resistance at 1.3880.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3670 targeting 1.3485 and stop loss above 1.3800, might be appropriate.