Weekly Report 17 - 21 / January / 2011

The pair was able to stabilize above pivotal resistance 1.5810, accompanied by momentum indicators entering overbought areas and thereby trading is expected to hover around the mentioned level until positive momentum is enough to push the pair towards the expected weekly bullish trend, which targets initially stability above the psychological barrier 1.6000. Note that stabilizing above 1.5700 is vital for chances of resuming expectations.

The trading range for this week is among the key support at 1.5700 and the key resistance at 1.6105.

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

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 1.5810 targeting 1.6000 and stop loss below 1.5700, might be appropriate.