Weekly Report 6 - 10 / December / 2010

The pair stopped at 38.2% Fibonacci correction to rebound to the upside, alongside stabilizing above the MA 50; however, in return trading will remain below the upside channel's support level that has been previously breached. Momentum indicators are showing overbought signs that are negatively pressuring the pair in the meantime. We recommend keeping an eye on trading and following up on our upcoming daily reports to insure the future direction more clearly, where it is vital that we observe the daily closing for support levels 1.5685 and resistance 1.5810.

The trading range for today is among the key support at 1.5510 and the key resistance at 1.6075.

The short term trend is to the upside as far as 1.5315 remains intact with targets at 1.7000.

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RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.