Weekly Report 27 - 31 / December / 2010

After causing the ongoing negative pressure on the pair due to support from pivotal resistance 84.25 - breaching the intraday upside channel's support level, where we think breaching this way is open in front of the pair to continue the expected overall trend this week. Meanwhile, resuming these expectations requires two factors; first, a clear breach of 82.30 and the second is trading below 83.60. The bearish trend is initially around 80.35.

The trading range for today is among the key support at 80.35 and the key resistance at 84.25.

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 selling the pair with the breach of 82.30 targeting 80.35 and stop loss above 83.60, might be appropriate.