Weekly Report 4 - 8 / April / 2011

The pair succeeded in resuming the suggested scenario from our last scenario around critical resistance 1.4280, but according to the image above, chances of a rising wedge pattern remains intact. These chances along with the negativity appearing on stochastic make us remain cautious and observe upcoming trades, where the breach of 1.4115 will pave the way for the bearish correction that will insure its measurements later on in case the breach if achieved. We recommend observing our previous report to recognize chances of an intraday that will point to a bullish trend, compared to the daily interval above that shows bearish signs.

The trading range for this week is among the key support at 1.4000 and the key resistance at 1.4500.

The short term trend is to the upside as far as the daily closing is above 1.2795 remains intact with targets at 1.5135.

Previous Report

RecommendationBased on the charts and explanation above our opinion is observing the pair’s movement and daily reports to insure its upcoming direction.