Weekly Report 22 - 26 / February / 2010

The pair reversed trading to near resistance for the main descending channel, due to effects from the MA 200 that will start the expected bearish short term for the week. The first expected target is around 90.30 followed by the more vital 88.20, where the breach of it will pave the way for more bearish movement towards targets below 85.00. keep in mind the importance of the daily closing remaining below 92.40 to maintain chances of achieving these expectations.

The trading range for today is among the key support at 88.20 and the key resistance at 93.75.

The general trend is to the downside as far as 102.60 remains intact with targets at 82.60.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 92.20 target 90.30 and stop loss above 93.75, might be appropriate.