Weekly Report 05 - 09 / April / 2010

The descending short term channel will continue its effect on the pair that is currently facing pivotal horizontal support around 1.0060; forming the neckline for the bearish technical pattern. This pattern encourages us to expect more possible bearish movement over a short term weekly basis; targeting 1.0000 followed by 0.9950 then 0.9865. MA 100 supports the bearish direction, which maintains trading intact below 1.0150.

The trading range for today is among the key support at 0.9865 and the key resistance at 1.0210.

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

Previous Report

Support1.00601.00000.99500.98650.9805
Resistance1.01251.01501.02101.02901.0335
RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 1.0060 targeting 0.9950 and stop loss above 1.0150, might be appropriate.