Weekly ReportMarch 29 - April 2 / 2010

The pair is close to retesting previously breached pivotal support at 1.3525, while the stochastic nears overbought areas. These factors in addition to stabilizing within the current main descending channel, makes us expect a bearish weekly direction; targeting 1.3090 mainly and requires the closing to remain below 1.3650.

The trading range for today is among the key support at 1.3090 and the key resistance at 1.3735.

The short term trend is to the downside as far as 1.4410 remains intact with targets at 1.2450.

Previous Report

RecommendationBased on the charts and explanations above our opinion is selling the pair from 1.3525 targeting 1.3360 and stop loss above 1.3650, might be appropriate.