Weekly Report 07 - 11 / February / 2011

The pair closed last week below the downside channel's resistance currently around 0.9540, while Stochastic is showing a bearish trend supporting trading within the descending channel. Hence, we expect the pair toresume the bearish direction this weekinitially towards the channel's support around 0.9345. Breaching the resistance areas among 0.9540 and 0.9605 will fail the bearish scenario.

The trading range for this week is among the key support at 0.9270 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

RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.9540 targeting 0.9320 and stop loss above 0.9615, might be appropriate this week