WeeklyReport 26 - 30 / April / 2010

The last bullish wave for the pair halted at 1.0060 due to effect of the retest level's strength, as well as MA 100 that has formed strong resistance in front of the pair. The minor support level is currently carrying the pair, but we expect a breach of this level - 0.9985 - which will pave the way for achieving the expected bearish direction for trading this week; requiring the breach of 0.9930 and trading to remain below 1.0060 to prevail. The awaited technical targets start at 0.9705.

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 0.9705.

Previous ReportSupport0.99850.99300.98650.98050.9750Resistance1.00601.01401.02001.02401.0320RecommendationBased on the charts and explanations above our opinion is selling the pair with the breach of 0.9930 targeting 0.9750 and stop loss above 1.0060, might be appropriate.