Weekly Report 28 / February / 2011

The pair continues its bearish slant trading near the symmetrical triangle's support level around 81.50, where this pattern targets continuing the initial bearish direction supported by the negative pressure appearing through the MA 50; therefore making us expect a breach of the highlighted support level, then pave the way towards resuming the expected weekly bearish trend starting initial targets around 80.35 then 7960. Note that stability below 82.45 are two main facts required to resume these expectations.

The trading range for today is among the key support at 79.60 and the key resistance at 83.35.

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

Previous Report

Support81.5080.8080.3579.6079.20
Resistance82.0582.4582.9583.3583.70
RecommendationBased on the charts and explanations above our opinion is selling the pair with a four hour closing below 81.50 targeting 79.60 and stop loss above 82.45, might be appropriate.