Weekly 19 - 23 / April / 2010
Due to the effect of the bullish technical pattern, the pair has breached pivotal resistance 1.0060 to head towards retesting resistance between 1.0200 - 1.0230, which protects the current bearish short term direction. Momentum indicators are showing negative signs that encourage us to expect a bearish trend for this week; targeting 1.0060 initially, then 0.9975followed by 0.9865. Keep in mind that remaining above mentioned resistance will open a way for the short term direction to transform into a bullish one.
The trading range for today is among the key support at 0.9865 and the key resistance at 1.0320.
The short term trend is to the downside as far as 1.0780 remains intact with targets at 1.0000.
Previous ReportSupport1.00600.99750.99000.98650.9805Resistance1.02001.02301.03201.03651.0445RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.0200 targeting 1.0060 and stop loss above 1.0320, might be appropriate.