Weekly Report1 - 5/ March / 2010

The bearish short term wave trading for the pair are stabilizing within a descending channel, shown above, after insuring the breach of the neckline for the bearish technical pattern at 1.5705. Meanwhile, there are more awaited bearish targets where chances of a minor bullish correction before resuming the bearish short term direction expected for this week; where upcoming targets are around 1.4950 - 1.4850. The breach of 1.5385 weakens chances of achieving these expectations.

The trading range for today is among the key support at 1.4850 and the key resistance at 1.5465.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.5285 targeting 1.5125 and stop loss above 1.5385, might be appropriate.