Weekly ReportMarch 29 - April 2 / 2010

The current ascending channel maintains its control on the pair's short term trading, and is currently fluctuating around the MA 100. the stochastic is nearing oversold areas, which encourages us to expect a bullish short term for the week that targets mainly 1.0330 - resistance for the ascending channel - then 1.0365 - the previously breached neckline and shown in our previous reports -. Keep in mind that the breach of 1.0150 will weaken chances of achieving the suggested scenario that could lead to a direction descend towards 1.0000.

The trading range for today is among the key support at 1.0000 and the key resistance at 1.0440.

The short term 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 buying the pair from 1.0205 targeting 1.0365 and stop loss below 1.0115, might be appropriate.