Weekly Report January 31 / February 4 / 2011

The pair continues trading within the sideway range between 0.9400 and 0.9460, while currently moving near this range's support. Meanwhile, momentum indicators are adding further support on this level and thereby maintaining fluctuation for some time. In overall, stability is below 0.9460; alongside the negative pressure offered by the MA 50 are all factors that make us expect the bearish trend to continue this week towards key targets that start around 0.9200. Meanwhile, we point to the breach of resistance between 0.9460 - 0.9520 that could postpone resuming targets towards the awaited bearish trend.

The trading range for today is among the key support at 0.9150 and the key resistance at 0.9600.

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

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