Weekly Report 22 -26 / 02 / 2010

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The royal pair has been capable of forming an inverted head and shoulders pattern, seen on the provided daily chart. Breaching the neckline of the mentioned pattern signals that, the bullishness might be in favor during this week; targeting the psychological level of 0.9000, while the ideal technical objective resides exactly at 0.8995 zones. A.C and Stochastic indicators support this positive speculation.

The trading range for this week is among the key support at 0.8610 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.

Support0.87600.87000.86400.86100.8585
Resistance0.88300.88650.89050.89350.8995
RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8790 targeting 0.8990 and stop loss below 0.8675 might be appropriate.