WeeklyReport 26 - 30 / April / 2010

The pair is still trading above resistance linefor the previously breached main descending channel that is currently forming support at 1.3290. Momentum indicators are showing positive signs, where the pair is expected to head upwards throughout this week's trading. Meanwhile, the ongoing negative pressure that the pair has achieved last week makes us recommend following up on the daily reports awaiting for more confirmation. The breach of 1.3390 to the upside will pave the way towards achieving the expected bullish direction; whereas the breach of 1.3290 will add more negative signs on the pair.

The trading range for today is among the key support at 1.3090 and the key resistance at 1.3685.

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

Previous ReportSupport1.32901.32651.31901.31151.3090Resistance1.33851.34451.34951.35701.3635RecommendationWe recommend following up on the daily reports awaiting for more assurance.