Weekly Report 24 - 28 / January / 2011

The pair was able to build a solid base around 1.3425 after succeeding to breach it, where it nears 1.3600. We need towitness a minor bearish correction before continuing the expected bullish direction in overall this week; targeting 1.3830 mainly. It is vital to stabilize above 1.3425 in order to maintain this expected ascend.

The trading range for today is among the key support at 1.3425 and the key resistance at 1.3830.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.3550 targeting 1.3715 and stop loss below 1.3425, might be appropriate.