Weekly Report 24 - 28 / January / 2011

The pair maintains its stability below the bearish trend's resistance level currently around 82.75 and thereby making us hold onto weekly expectations of a bearish direction, which targets initially 81.05. Present trading is around SMA 50 and we may witness sideway fluctuation continue until the pair is able to lose some positive momentum appearing in the four hour chart, keeping in mind the importance of closing below 82.75 in order to resume chances of these expectations.

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 89.35 remains intact with targets at 77.70.

Previous Report

Support82.5581.8081.0580.8080.35
Resistance82.7583.2083.7084.2585.00
RecommendationBased on the charts and explanations above our opinion is selling the pair around 82.75 targeting 81.05 and stop loss above 83.70, might be appropriate.