Weekly Report 22-26 / March / 2010

The harmonic l formation seems to be appearing on the weekly chart above, where a possible PRZ reversal is achieved at 1.0055 as any trading above the psychological barrier 1.0000 will maintain the expected bullish direction that will occur this week intact; targets start at 38.2% correction then 50% at 1.0365, in case the bullish correction prevails we may witness reaching 1.0435 represented in 61.8% correction. These corrections make up the suggested CD leg corrections.

The trading range for today is among the key support at 0.9930 and the key resistance at 1.0565.

The general trend is to the upside if we do not witness a daily close below 1.1870 with targets at 1.0000.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.0135 targeting 1.0435 and stop loss below 1.0000, might be appropriate.