Weekly Report February / 14 - 18 / 2011

The pair stabilized below the breach neckline for the bearish technical pattern shown above, alongside the negative pressure offered by the SMA 50, and we expect further bearish intraday movement throughout this week; targets start by testing the strength of areas between 1.3400 - 1.3365. Stochastic is positive that could maintain fluctuations for some time. While stability is below 1.3615 will keep our expectations valid.

The trading range for this week is among the key support at 1.3260 and the key resistance at 1.3715.

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 selling the pair around 1.3575 targeting 1.3400 and stop loss above 1.3680, might be appropriate this week