Weekly Report 27 - 31 / December / 2010

The pair breached the bearish intraday direction's resistance level that controls trading around 1.0065, although the pair is showing strong resistance currently due to SMA 50, alongside the negativity appearing through stochastic. It is vital that the level is below the ascending short term channel - 0.9735 - setting priority for more bearish movement, but the process of breaching it and will pave the way in front of its attempts to return within the bullish trend. From here, we recommend observing upcoming trading for the pair specifically around critical around between 0.9575 and 0.9735 in order to resume vital signs for the upcoming direction.

The trading range for today is among the key support at 0.9365 and the key resistance at 0.9810.

The short term trend is to the downside as far as 1.0330 remains intact with targets at 0.8000.

Previous Report

Support0.95750.95000.94600.94000.9365
Resistance0.96250.97000.97350.97700.9810
RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement to insure its upcoming direction.