Weekly Report 28 / February / 2011

The pair stabilized below the broken sideway range's support level around 0.9330, which is considered to be a strong sign regarding the continuation of the short term bearish trend. The MA 50 is negatively supporting the pair, while stochastic is moving to the downside. Overall expectations will remain bearish on a weekly basis starting initial targets around 0.9100 then 0.9000, while keeping in mind that breaching 0.9330 and stabilizing above it could postpone these targets continuing.

The trading range for today is among the key support at 0.9000 and the key resistance at 0.9360.

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 0.9330 targeting 0.9430 and stop loss above 0.9615, might be appropriate.