Weekly Report 15 - 19 / March / 2010

After insuring the breach of the neckline for the bearish technical pattern at 1.0365, the pair moved downwards in its way to achieve the complete targets for the bearish wave that is currently expected to be at 0.9950. Momentum indicators are showing positive signs that could push to attempt some mentioned minor bullish correction, but the in overall we await a bearish trend that is expected for this week. Keep in mind the importance of the daily closing remaining below 1.0365 to insure this scenario's completion.

The trading rangeforthis week is among the key support at 0.9830 and the key resistance at 1.0445.

The general trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0220 targeting 1.0000 and stop loss above 1.0365, might be appropriate.