Weekly Report 15 -19 / 02 / 2010
The awaited bearishness from the pivotal resistance areas of 0.8820 has been activated as well, supported by the consecutive negative candlesticks closing below it. Thus; additional descending movements could be seen during this week, depending on our suggested Elliott count as we see that, the [C] wave of the bigger forth is still in progress. Stochastic supports our overview.
The trading range for this week is among the key support at 0.8400 and key resistance now at 0.9030.
The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
Support0.86550.86100.85850.85300.8490Resistance0.87200.87600.88200.88850.8935RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8720 targeting 0.8530 and stop loss above 0.8885 might be appropriate.