Weekly Report 17 - 21 / January / 2011

The pair maintained stability below the bearish trend's resistance level that is currently descending towards 83.00, while stochastic entered overbought areas. Thus, we expect a bearish weekly trend that starts targets at 81.05. We remind of the importance of the daily closing below 83.00 to achieve expectations.

The trading range for this week is among the key support at 81.05 and the key resistance at 84.25.

The short term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.00 targeting 81.05 and stop loss above 84.25, might be appropriate.