Weekly Report 10 - 14 / May / 2010
The pair opened trading with a price gap that points to more expected bullish correction, which was also expected in last Friday's reports. Momentum indicators support achieving more bullish correction that we think will touch resistance for the descending channel at 1.3090 before determining the short term direction. We recommend observing future trading; especially the pair's movementif it reaches mentioned resistance since building a base below it will maintain the current bearish wave intact. Meanwhile, a clear breach and closing above it will lead to furtherupside movement towards 1.3395 at least.
The trading range for today is among the key support at 1.2615 and the key resistance at 1.3260.
The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.2450.
Previous ReportSupport1.28601.28101.27301.27001.2655Resistance1.29701.30001.30901.31651.3190RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the pair’s direction, might be appropriate.