Weekly Report 15 - 19 / March / 2010

The pair managed to achieve the breach of resistance for the main descending channel while the daily closing is above it - resistance is currently at 1.3725 -. This closing makes us expect a possible bullish direction for this week targeting 1.3960 then 1.4090; requiring mainly the daily closing to remain above 1.3645.

The trading range forthis weekis among the key support at 1.3515 and the key resistance at 1.4090.

The general trend is to the upside if we do not witness a daily close below 1.3485 with targets at 1.5150.

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying the pair from 1.3725 targeting 1.3960 and stop loss below 1.3580, might be appropriate.