Weekly Report 23 - 27 / August / 2010

The pair is trading currently within the bearish channel that controls the short term trading, keeping in mind thatSMA 100 is forming the top for this trading. Momentum indicators are heading to the downside, which therefore makes us expect the breach of support for the sideway intraday range at 85.15 and then pave the way towards initial support for the bearish channel at 83.80. Keep in mind that the expected bearish direction for this week will remain intact, as long as the daily closing is below 86.40.

The trading range for today is among the key support at 83.00 and the key resistance at 87.35.

The short term trend is to the downside as far as 91.55 remains intact with targets at 82.60.

Previous Report

Support85.1584.5583.8083.5083.00
Resistance85.7086.4086.9087.3587.95
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 85.15 targeting 83.80 and stop loss above 85.95, might be appropriate.