Weekly Report February / 14 - 18 / 2011

The pair maintained stability below critical resistance levels between 83.55 - 83.70 as trading reversed to the downside as we expect the pair to resume the bearish trend this week affectedby trading within the symmetrical triangle, targeting areas from 81.05. Stochastic is heading to the downside supporting our expectations that require daily closings below 83.70.

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 83.55 targeting 81.05 and stop loss above 84.50, might be appropriate this week