Weekly Report01 -05 /02 / 2010

The pair succeeded in breaching the neckline for the bearish technical pattern, shown above, thus pushing the pair to strongly move to the downside to target support for the main descending channel around 1.5600. From here, we can expect a bearish direction over a short term intraday basis; requiring the daily closing to remain below 1.6125.

The trading range for today is among the key support at 1.5600 and the key resistance at 1.6260.

The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7200.

Previous Report

Support1.59151.58501.57351.56151.5555
Resistance1.60551.61251.62201.63001.6415
RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.6055 targeting 1.5915 and stop loss above 1.6125, might be appropriate.