Weekly Report 21 - 25 / February / 2011

The pair maintained stability below pivotal resistance presently around 83.40, while trading stabilized below the MA 50. These factors make us hold onto the expected bearish trend this week as initial targets start around 81.40. It is vital that closing is below 83.40 - 83.70 in order for expectations to prevail.

The trading range for this week 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

RecommendationBased on the charts and explanations above our opinion is selling the pair around 83.40 targeting 81.40 and stop loss above 84.25, might be appropriate.