Weekly Report 24 - 28 / January / 2011

The pair was able to achieve the suggested bearish trend in our last report, where the pair has found good support around 0.9555. We expect this support to push the pair towards some fluctuation and minor bearish correction and slant supported by the positivity of stochastic before heading towards continuing this week's bearish direction, due to its effect within the descending channel appearing in the image above, organizing trading after breaching the rising wedge that has been highlighted since the beginning of last week. The awaited chief targets start around 0.9460 then 0.9320, while requiring a daily closing below 0.9670 to resume expectations.

The trading range for today is among the key support at 0.9320 and the key resistance at 0.9720.

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

Previous Report

Support0.95550.95050.94600.93800.9320
Resistance0.96150.96700.97200.97850.9820
RecommendationBased on the charts and explanations above our opinion is selling the pair around 82.75 targeting 81.05 and stop loss above 83.70, might be appropriate.