Weekly Report 6 - 10 / December / 2010

The pair sharply descended after resistance level 84.25 showed strong resilience in front of the pair's attempts to incline. Trading remains above the previously breached descending short term resistance channel that has currently turned into support at 82.00, alongside stochastic nearing oversold areas and thereby making us expect a bullish trend throughout the week. In overall, main targets start at 85.00 - 85.95 as chances of resuming them will remain intact as long as the daily closing is above 82.00.

The trading range for today is among the key support at 81.05 and the key resistance at 85.95.

The short term trend is to the downside as far as 91.55 remains intact with targets at 77.70.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair around 82.00 targeting 84.25 and stop loss below 81.05, might be appropriate.