Weekly Report 22 - 26 / February / 2010

The descending channel showed a stance against attempts of the pair to descend, in line with momentum indicators entering oversold areas. These signs make us expect a possible bullish direction for this week; targeting mainly 1.5655 followed by 1.5815. Keep in mind the importance of the daily close remaining above 1.5455 to maintain chances of achieving it.

The trading range for today is among the key support at 1.5120 and the key resistance at 1.5815.

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

Previous Report

Support1.54551.53451.52701.52001.5125
Resistance1.55251.55801.56401.57151.5810
RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.5455 targeting 1.5655 and stop loss below 1.5345, might be appropriate.