Weekly Report 12 - 16 / April / 2010

The pair managed to breach resistance for the descending short term channel through the major price gap the pair has opened trading on it for today. The bullish technical pattern completed its formation and points possibly to more bullish direction for this week; targeting levels 1.3800 then 1.3915 mainly. Keep in mind that some fluctuation is expected in an attempt to cover the price gap and retest breached resistance that had turned into support around 1.3500.

The trading range for today is among the key support at 1.3410 and the key resistance at 1.3915.

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 buying the pair from 1.3595 targeting 1.3800 and stop loss below 1.3470, might be appropriate.