Weekly Report08 -12 / February / 2010

The pair was pushed by 88.60 into a bullish wave that had managed to achieve through it our suggested target last Friday. Currently, we see that there is volatile resistance that the bullish wave is facing, where the pair still remains within the descending channel, shown in the image above. The negative MA's maintain trading at 50 and 20, as well as the RSIis approachingvital resistance. This makes us expect trading to remain below 91.50, with a chance of a bearish trend remaining intact. The breach of 88.60 to the downside will create a sharp bearish direction.

The trading range for today is among the key support at 86.40 and the key resistance at 93.15.

The general trend is to the downside as far as 101.65 remains intact with targets at 82.60.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 90.65 target 87.75 and stop loss above 92.20, might be appropriate.