Weekly Report 07 - 11 / February / 2011

The pair continues trading within the upside channel that carries trading from bottom levels recorded around 1.5342, where the SMA 50 is forming strong support and carrying the pair from below. According to those factors, alongside the bullish trend on Stochastic weexpect a bullish move this week targeting areas around 1.6450 and requires stability above 1.5965.

The trading range for this week is among the key support at 1.5965 and the key resistance at 1.6500.

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 with four hour closing above 1.6130 targeting 1.6345 and stop loss below 1.6050, might be appropriate this week