Weekly Report 23/04 -27/04/ 2012

The 20 and 50 exponential moving averages has been forming a good resistance that halted the recent upside attempts although we have seen stability above the main ascending support shown on image. Meanwhile RSI is below 50, while trading settles below point B of the possible harmonic pattern which we believe remains intact, accordingly, trading below 0.9950 keeps the bearish direction intact this week, taking into consideration that breaching 1.0070 shall weaken the scenario dramatically.

The trading range for this week is expected among the key support at 0.9730 and resistance at 1.0100.

The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.

Previous Report

Support0.99000.98650.98400.98150.9785
Resistance0.99600.99951.00301.00701.0100
RecommendationBased on the charts and explanations above, our opinion is selling the pair below 0.9950, and take profit in stages at (0.9840 and 0.9785) and stop loss above 1.0030 might be appropriate