Weekly Report 15 - 19 / March / 2010

The pair continues trading within the short term descending channel, where the pair is nearing its resistance at 91.35 and met by MA 200. Momentum indicators are showing negative signs that encourage us to expect a possible bearish trend over a short term trend; targeting 88.20 then 87.15. Keep in mind the importance of the daily closing remaining below 91.85 to maintain chances of achieving these expectations.

The trading rangeforthis week is among the key support at 87.15 and the key resistance at 92.15.

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

Previous Report

Support90.3589.8589.3588.7088.20
Resistance91.3592.1592.9093.7594.50
RecommendationBased on the charts and explanations above our opinion is selling the pair from 91.35 target 89.85 and stop loss above 92.15, might be appropriate.