Weekly Report 12 - 16 / April / 2010

The pivotal resistance of 1.0060 holds its stance against the pair's attempts to move upwards, and thus insuring the strength of the bearish technical pattern shown in our previous reports. This pattern as well as the descending channel that organizes short term trading will insure the expected bearish trend for this week; targeting 0.9865 - 0.9805 mainly. This awaited bearish trend requires trading to remain below 1.0120 to prevail.

The trading range for today is among the key support at 0.9705 and the key resistance at 1.0200.

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 selling the pair from 1.0060 targeting 0.9950 and stop loss above 1.0120, might be appropriate.