Weekly Report 08 -12 / 01 / 2010

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The pair has succeeded in breaching the psychological levels of 140.00; opening the door up for potential downside actions during this week. The uptrend line of the medium term basis has been breached. Thus, the fifth wave of the suggested Elliott count might be in progress. SMA 50-colored in red is acting as a ceiling for the expected short term bearishness.

Trading range for this week is among key support at 130.00 and key resistance at 150.60.

The general trend is to the downside as far as 167.40 remains intact with target at116.00.

Previous Report

Support138.60137.40136.50135.50135.45
Resistance140.00141.50142.25143.60144.15
RecommendationBased on the charts and explanations above our opinion is, selling the pair from 140.50 targeting 135.45 and stop loss above 144.15 might be appropriate.