Weekly Report 15 -19 / 02 / 2010
The pair is moving steadily below the broken initial support-turned into resistance at 125.50, reviving thatthe second corrective wave of the medium term basis (B) is in progress, seen on the provided daily chart. The technical target of this aforesaid wave resides at 116.00. Thereby,potential bearish movements might be witnessed during this week.Ribbons lines (EMA10-80)act as a ceiling for the anticipated negative scenario.
Trading range for this week is among key support at 117.35 and key resistance now at 125.50.
The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
|Recommendation||Based on the charts and explanations above our opinion is, selling the pair from 122.90 targeting 118.60 and stop loss above 125.50 might be appropriate.|