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Weekly Report 06/09 -10/ 09/ 2010
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The pair inclined respecting the suggested bullish scenario of our last report flawlessly. Now, the possibility of forming a harmonic structure with a 38.2% Fibonacci correction for the XA leg that formed AB leg offers a completion for this Bat pattern around 133.15-88.6% of XA-. When we add this pattern to our proposed Elliott count then we can predicate a potential bullish move during this week, supported by RSI 14.
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The general trend over short term basis is to the downside, targeting 118.80 as far as areas of 150.75 areas remain intact.
| Support | 129.80 | 129.25 | 128.75 | 127.80 | 126.70 |
| Resistance | 131.00 | 131.65 | 132.50 | 133.15 | 134.25 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 130.00 targeting 133.10 and stop loss below 127.90 might be appropriate. | ||||
