Weekly Report 15 - 19 / February / 2010

The pair continues its trading within the ascending short term channel that organizes the journeyof achieving the previously breached bullish technical pattern targets, appearing through the image above. We expect some minor bearish correction that will build its base on 1.0675 then achieving the overall bullish direction; targeting mainly 1.1000 then 1.1100. The breach of 1.0675 will weaken chances of the expected bullish direction for this week.

The trading range for today is among the key support at 1.0460 and the key resistance at 1.1100.

The general trend is to the downside as far as 1.1225 remains intact with targets at 0.9600.

Previous Report

Support1.07351.06751.05551.05001.0460
Resistance1.08401.08901.09351.10001.1050
RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0675 targeting 1.0840 and stop loss below 1.0555, might be appropriate.