Weekly Report 20 - 24 / December / 2010

The pair continued its negative pressure from last Friday since it was able to stabilize below SMA 50, alongside breaching critical support at 1.3180 specifically since this level represents the neckline for the bearish technical pattern; paving the way towards an expected bearish weekly trend. The positivity appearing on momentum indicators could cause some fluctuation before heading towards resuming targets that start at 1.2850, keeping in mind the pair returning above 1.3265 will pave the way to revisit the ascend once again.

The trading range for today is among the key support at 1.2795 and the key resistance at 1.3370

The short term trend is to the upside as far as 1.2795 remains intact with targets at 1.5135.

Previous Report

Support1.31201.30801.30351.29901.2915
Resistance1.31801.32651.33001.33701.3420
RecommendationBased on the charts and explanations above our opinion is selling the pair around 1.3180 targeting 1.2850 and stop loss above 1.3300, might be appropriate.