Weekly Report 05 - 09 / April / 2010

The pair is facing a hard time in breaching resistance for the main descending channel around 1.3565 presently. The image above shows how trading istrapped between resistance and pivotal support of 1.3480. Momentum indicators are showing negative signs, while the ascending channel is pushing to breach resistance. From here, we recommend following up on our daily reports and observe the pair's behavior according to mentioned levels; where expectations point to the breach of 1.3565, which will pave the way towards targeting 1.3685 then 1.3800.

The trading range for today is among the key support at 1.3340 and the key resistance at 1.3800.

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 to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.