Weekly Report 13 - 17 / December / 2010

The MA 50 is pushing the pair to the upside to near critical resistance at 84.25, which represents the neckline for the expected bullish technical pattern that could effect this week's trading. The stochastic is giving off overbought signs that could impede breaching the suggested resistance level, but in overall we expect a bullish weekly trend initially targeting areas around 85.95; while resuming this target requires a daily closing above 83.15.

The trading range for today is among the key support at 82.80 and the key resistance at 86.90.

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

Previous Report

Support83.6583.1582.5581.9081.50
Resistance84.2585.0085.9586.2586.90
RecommendationBased on the charts and explanations above our opinion is buying the pair with the breach of 84.25 targeting 85.95 and stop loss below 83.15, might be appropriate.