Weekly Report 20 - 24 /September / 2010
The pair continues naturally trading within the bearish channel appearing through the chart above, where it currently is nearing resistance at 1.0180. The stochastic is showing positive signs that we expect will touch the mentioned resistance level, followed by a bearish reversal that the pair will resume the aforesaid bearish weekly direction that initially targets 0.9850 that we need to pay attention to expectations that require a closing below 1.0180 to continue.
The short term trend is to the upside as far as 0.9905 remains intact with targets at 1.1120.
|Recommendation||Based on the charts and explanations above our opinion is selling the pair around 1.0180 targeting 1.0000 and stop loss above 1.0285, might be appropriate.|